Rates on the most popular types of mortgages ebbed slightly lower this week according to HSH.com's Weekly Mortgage Rates Radar. The average rate for conforming 30-year fixed-rate mortgages fell by three basis points (0.03 percent) to 4.21 percent. Conforming 5/1 Hybrid ARM rates decreased by three basis points, closing the Wednesday-to-Tuesday wraparound weekly survey at an average of 3.15 percent.
"Mortgage rates continue to bob about like a raft on the ocean," said
Mortgage rates have held to a tight range since mid to late May, wobbling gently over that time. Opposing economic and political forces have served to produce the near-stasis at very favorable levels, and this beneficial happenstance may result in the easing of lending standards for at least some borrowers.
"The latest Federal Reserve survey of Senior Loan Officers should provide a little encouragement for mortgage shoppers, as the report noted some banks have begun easing tight underwriting guidelines," adds Gumbinger. "While these changes are only at the fringes for now, that the so-called 'credit box' is beginning to expand can mean more and better opportunities for mortgage borrowers to get a crack at these low mortgage rates before they eventually disappear."
Average mortgage rates and points for conforming residential mortgages for the week ending
Conforming 30-year fixed-rate mortgage
• Average rate: 4.21 percent
• Average points: 0.18 Conforming 5/1-year adjustable-rate mortgage
• Average rate: 3.15 percent
• Average points: 0.10 Average mortgage rates and points for conforming residential mortgages for the previous week ending
• Average Rate: 4.24 percent
• Average Points: 0.14 Conforming 5/1-year adjustable-rate mortgage
• Average Rate: 3.18 percent
• Average Points: 0.07 Methodology
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. HSH.com'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, HSH.com 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 HSH.com.
HSH.com 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. HSH.com, of
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