HSH.com Weekly Mortgage Rate Radar: Euro Troubles Press Mortgage Rates Toward Record Lows Again

HSH.com Weekly Mortgage Rate Radar: Euro Troubles Press Mortgage Rates Toward Record Lows Again

Foster City, CA (PRWEB) November 09, 2011

Rates on the most popular types of mortgages fell this week, according to HSH.com’s Weekly Mortgage Rate Radar. The average rate for conforming 30-year fixed-rate mortgages declined by 9 basis points (.09 percent) to 4.13 percent, merely somewhat above record lows. Conforming 5/1 hybrid ARM rates decreased by 5 basis points, folding the Wednesday-to-Tuesday wraparound weekly survey at a mean of 3.02 percent.

“Italy has joined Greece in making the markets nervous. Troubles over there are driving interest rates down here, as investors are doing what they can to get their money out of harm’s way,” said Keith Gumbinger, vice president of HSH.com. “There is little to suggest that any immediate solution to the fiscal woes of these countries is coming soon, but if supports aren’t enacted at some point and these countries default on their debts, the economic trouble it would cause would far outstrip the benefits of low mortgage rates.”

Average mortgage rates and points for conforming residential mortgages for the week ending November 8 were, according to HSH.com:

Conforming 30-year fixed-rate mortgage

    Average rate: 4.13 percent     Average points: .28

Conforming 5/1 ARM

    Average rate: 3.02 percent     Average points: .24

Average mortgage rates and points for conforming residential mortgages for the previous week ending November 1 were, according to HSH.com:

Conforming 30-year fixed-rate mortgage

    Average rate: 4.22 percent     Average points: .27

Conforming 5/1 ARM

    Average rate: 3.07 percent     Average points: .23

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 recycled, with data released every Wednesday. HSH.com’s survey helps consumers find the best rates on home loans in changing market conditioned. 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 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 lent 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, of Pompton Plains, 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 quality the products, services and brands that meet their needs. The companioned is a leader in visitor-friendly marketing practices. For more information, please see QuinStreet.com.

Press Contact
Andrew Heilman
775-784-3842
pr(at)hsh(dot)com

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