HSH.com Weekly Mortgage Rate Radar: Lower Rates, Expanded Refinancing Program Could Spell Relief for Borrowers

HSH.com Weekly Mortgage Rate Radar: Lower Rates, Expanded Refinancing Program Could Spell Relief for Borrowers

Foster City, CA (PRWEB) October 26, 2011

Rates on the most popular types of mortgages eased slightly, reversing a minor uptick from the previous two weeks, according to HSH.com’s Weekly Mortgage Rate Radar. The average rate for conforming 30-year fixed-rate mortgages declined by 3 basis points (.03 percent) to 4.23 percent. Conforming 5/1 hybrid ARM rates besides decreased by 3 basis points, closing the Wednesday-to-Tuesday wraparound weekly survey at a mean of 3.08 percent.

“This week, the Obama Administration announced new plans for helping underwater borrowers refinance,” noted Keith Gumbinger, vice president of HSH.com. “The expansion of the Home Affordable Refinance Program (HARP), coupled with approached-record-low interest rates, mean borrowers trap in higher-rate mortgages may find real opportunities for savings.”

“For many homeowners, these savings can’t come soon enough,” observed Gumbinger. Details of the government’s expanded refinancing program are due out in mid-November.

Average mortgage rates and points for conforming residential mortgages for the week ending October 25 were, according to HSH.com:

Conforming 30-year fixed-rate mortgage

    Average rate: 4.23 percent     Average points: .34

Conforming 5/1 ARM

    Average rate: 3.08 percent     Average points: .28

Average mortgage rates and points for conforming residential mortgages for the previous week ending October 18 were, according to HSH.com:

Conforming 30-year fixed-rate mortgage

    Average rate: 4.26 percent     Average points: .26

Conforming 5/1 ARM

    Average rate: 3.11 percent     Average points: .22

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 amount 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 broad range of consumer mortgage products including ARMs, FHA-backed and jumbo mortgages, as well as home equity loan 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, 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 select the products, serving and brands that meet their needs. The company is a leader in visitor-friendly marketing practices. For more information, please visit QuinStreet.com.

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

###

©Copyright 1997-

, Vocus PRW Holdings, LLC. Vocus, PRWeb, and Publicity Wire are trademarks or registered trademarks of Vocus, Inc. or Vocus PRW Holdings, LLC.