News Column Weekly Mortgage Rates Radar: Upward Rate Creep Continues

June 18, 2014

Foster City, CA (PRWEB) June 18, 2014

Rates on the most popular mortgage types edged higher, according to's Weekly Mortgage Rates Radar. The average rate for conforming 30-year fixed-rate mortgages rose by a single basis point (0.01 percent) to 4.24 percent. Conforming 5/1 Hybrid ARM rates increased by four basis points, closing the Wednesday-to-Tuesday wraparound weekly survey at an average of 3.18 percent.

"Mortgage rates have lifted a little from recent bottoms, but with an uneven economy and plenty of troubles in the world, they are unlikely to go too far," said Keith Gumbinger, vice president of "Of late, there has been just enough good economic news to see rates firm a little, but they remain both favorable and considerably below the high-water marks of the year."

Thirty-year fixed mortgage rates began the year averaging over 4.6 percent, and have surprised potential homebuyers by declining for much of the spring. The drop in rates could be laid at the feet of a number of factors, with a soft economy, slack demand for credit and low inflation chief among them, let alone global issues which pull money into U.S. markets, driving rates down. All this has come in the context of a pullback by the Federal Reserve, which was expected to lift interest rates, but hasn't so far.

"The Federal Reserve concludes a two-day meeting today, and another $10 billion trim to QE is expected," adds Gumbinger. "However, the expected effect on rates from the diminishment of the program hasn't happened; private investors have picked up where the Fed has left off, snapping up Treasury bonds and high-quality Mortgage-Backed Securities. Provided investors keep up the pace, we don't need the Fed to keep rates low, as the market is doing it by itself."

Average mortgage rates and points for conforming residential mortgages for the week ending June 17, according to

Conforming 30-year fixed-rate mortgage

-Average rate: 4.24 percent

-Average points: 0.23

Conforming 5/1-year adjustable-rate mortgage

-Average rate: 3.18 percent

-Average points: 0.10

Average mortgage rates and points for conforming residential mortgages for the previous week ending June 10 were, according to

Conforming 30-year fixed-rate mortgage

-Average Rate: 4.23 percent

-Average Points: 0.17

Conforming 5/1-year adjustable-rate mortgage

-Average Rate: 3.14 percent

-Average Points: 0.08


The Weekly Mortgage Rates Radar reports the average rates and points offered on conforming 30-year fixed-rate mortgages and conforming 5/1 ARMs. The weekly mortgage rate survey covers a large sample of mortgage lenders and is conducted over a Wednesday-to-Tuesday cycle, with data released every Wednesday.'s survey helps consumers find the best rates on home loans in changing market conditions. Unlike mortgage rate surveys that report average rates only, the Weekly Mortgage Rates Radar's inclusion of both average rates and average points provides a more accurate view of mortgage terms currently offered by lenders.

Every week, conducts a survey of mortgage rate data for a wide range of consumer mortgage products including ARMs, FHA-backed and jumbo mortgages, as well as home equity loans and lines of credit from hundreds of direct lenders in the U.S. For information on additional loan products, visit

About is a trusted source of mortgage data, trends, news and analysis. Since 1979, HSH's market research and commentary has helped homeowners, buyers and sellers make smart financial choices and save money on mortgage and home equity products., of Riverdale, N.J., is owned and operated by QuinStreet, Inc. (NASDAQ: QNST), one of the largest Internet marketing and media companies in the world. QuinStreet is committed to providing consumers and businesses with the information they need to research, find and select the products, services and brands that best meet their needs. The company is a leader in ethical marketing practices. For more information, please visit

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