HSH.com Weekly Mortgage Rate Radar: Mortgage Rates Fell This Week

HSH.com Weekly Mortgage Rate Radar: Mortgage Rates Fell This Week

Foster City, CA (PRWEB) July 20, 2011

Rates on the most popular types of mortgages declined substantially this week, according to HSH.com’s new report, the Weekly Mortgage Rate Radar. The average rate for conforming 30-year fixed-rate mortgages fell by 6 basis points (0.06 percent) to 4.61 percent. Conforming 5/1 hybrid ARM rates also decreased by 6 basis points, closing the Wednesday-to-Tuesday wraparound weekly survey at an average of 3.24 percent.

“After a brief run higher, great mortgage rates are again back in the market, pushed there mostly by poor economic data,” said Keith Gumbinger, vice president of HSH.com. “If you’ve been sitting on the fence contemplating a refinance, it’s a good time to take action, since markets will likely turn more volatile as we come up against the U.S. debt limit deadline in a few weeks’ time.”

Average mortgage rates and points for conforming residential loans for the week ending July 19 were, according to HSH.com:

Conforming 30-year fixed rate mortgage

    Average rate: 4.61 percent
    Average points: 0.28

Conforming 5/1 ARM

    Average rate: 3.24 percent
    Average points: 0.22

Average mortgage rates and points for conforming residential loans for the previous week ending July 12 were, according to HSH.com:

Conforming 30-year fixed rate mortgage

    Average rate: 4.67 percent
    Average points: 0.27

Conforming 5/1 ARM

    Average rate: 3.30 percent
    Average points: 0.26

Methodology

The Weekly Mortgage Rate 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 Rate 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 weekly survey of average 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, 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 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.

Press Contact

Andrew Heilman

775-784-3842

pr(at)hsh(dot)com

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