HSH.com Weekly Mortgage Rates Radar: Mortgage Rates Wandering About - KiiiTV.com South Texas, Corpus Christi, Coastal Bend

HSH.com Weekly Mortgage Rates Radar: Mortgage Rates Wandering About

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HSH.com releases its latest Weekly Mortgage Rates Radar showing a slight downward wobble for mortgage rates in the seven-day period ending July 15, as rates continue to meander within a narrow band. The Weekly Mortgage Rates Radar reports the average rates and points offered by lenders for the two most popular types of mortgages, the conforming 30-year fixed-rate mortgage and the conforming 5/1 adjustable-rate mortgage (ARM).

Foster City, Calif. (PRWEB) July 16, 2014

Interest rates on the most popular types of mortgages edged 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 4.20 percent. Conforming 5/1 Hybrid ARM rates decreased by five basis points, closing the Wednesday-to-Tuesday wraparound weekly survey at an average of 3.13 percent.

"Mortgage rates continue to wander aimlessly, as they have now for more than two months," said Keith Gumbinger, vice president of HSH.com. "At times, good economic news has lifted them a bit, only to see them pulled back down by global political and economic concerns."

In the past ten weeks, the average rate for conforming 30-year fixed-rate mortgages has been no higher than 4.27 percent, and no lower than 4.16 percent, a remarkably stable pattern. Many forecasts called for mortgage rates to be on a mild upward path by this time of the year, but they remain well below 2014 highs after a steady downward trend brought them to present levels. At some point, interest rates will begin to rise on a regular basis, but this depends upon the economy's performance.

"Fed Chair Janet Yellen's testimony today should have set off at least some alarms about the path for interest rates," adds Gumbinger. "In her testimony before Congress today, she took pains to note that if the labor market continues to improve more quickly than the Fed presently expects, they would be likely to lift short-term rates sooner and more rapidly than markets currently expect. For now, markets took this message in stride, but the warning is as clear as it can be: If things are getting better quickly, higher rates will follow closely behind."

Average mortgage rates and points for conforming residential mortgages for the week ending July 15, according to HSH.com:

Conforming 30-year fixed-rate mortgage
-Average rate: 4.20 percent
-Average points: 0.17

Conforming 5/1-year adjustable-rate mortgage
-Average rate: 3.13 percent
-Average points: 0.07

Average mortgage rates and points for conforming residential mortgages for the previous week ending July 08 were, according to HSH.com:

Conforming 30-year fixed-rate mortgage
-Average Rate: 4.23 percent
-Average Points: 0.20

Conforming 5/1-year adjustable-rate mortgage
-Average Rate: 3.18 percent
-Average Points: 0.10

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.coms 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 Radars 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.

About HSH.com

HSH.com is a trusted source of mortgage data, trends, news and analysis. Since 1979, HSHs 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 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 QuinStreet.com.

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