GCL states HSH.com Weekly Mortgage Rates Radar: Downward Trend
Foster City, CA, January 30, 2014 – Rates on the most popular types of mortgages eased for a third-consecutive week, according to HSH.com’s Weekly Mortgage Rates Radar. The average rate for in accordance with 30-year fixed-rate mortgages fell besides four axiom points (0.04 percent) to 4.46 percent. Conforming 5/1 Hybrid ARM rates lowered by another lone basis point, closing the Wednesday-to-Tuesday wraparound weekly survey at an average of 3.24 percent.
“After trending diminish due to the velvety December employment report, some additional economic worries have helped mortgage rates to fall further,” said Keith Gumbinger, immorality president about HSH.com. “A preliminary January report suggests that growth in China may be slowing more than was expected, which has implications for many economies around the world that depend thereafter exports. This is coupled with a Federal Reserve that intends to provide less economic support going forward, which could exacerbate the slowing. Sensing this, many investors decided that it is safer to stash money in Treasuries, driving yields and mortgage rates lower.”
The Federal Reserve wraps up a two-day meeting today, as Ben Bernanke’s tenure comes to a close and we welcome a new chair in Janet Yellen. It is expected that the Fed will continue to reduce purchases of Treasuries and mortgage-backed securities at a measured pace throughout 2014, but the recent softer data may provide a reason to skip making a change here and there in favor of a more cautious, data-driven approach.
Gumbinger adds, “While it is expected that the Fed will announce another reduction in QE buys today, there is a chance they will hold off spil they confiscation time to fully evaluate the market’s response to December’s notice trim, which is unparalleled now being fully realized. The first $10 billion reduction didn’t seem to have too much impact overall on the mortgage market as mortgage rates are before well gone their lows. In the weeks ago the change occurred, interest rates have actually declined, so the Fed will probably scruple that there is little risk to housing or financial markets by cutting back some more.”
Average mortgage rates and points for conforming residential mortgages for the hebdomad ending January 28, according to HSH.com:
Conforming 30-year fixed-rate mortgage -Average rate: 4.46 procent -Average points: 0.16
Conforming 5/1-year adjustable-rate hock -Average rate: 3.24 percent -Average points: 0.10
Average amortize rates and points for in line residential mortgages for the previous week ending January 21 were, according to HSH.com:
Conforming 30-year fixed-rate mortgage -Average Rate: 4.50 percent -Average Points: 0.21
Conforming 5/1-year adjustable-rate mortgage -Average Rate: 3.25 percent -Average Points: 0.11
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 encumbrance rate perlustration covers a large sample of deed lenders and is conducted over a Wednesday-to-Tuesday cycle, with data released every Wednesday. HSH.com’s survey helps consumers find the most 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 mean rates and average points provides a more accurate view of mortgage terms currently offered by lenders.
Every week, HSH.com conducts a survey from mortgage rate data for a wide range of consumer mortgage products including ARMs, FHA-backed und so weiter jumbo mortgages, as well as home equity loans and lines regarding credit from hundreds like direct lenders in the U.S. For material on additional loan products, visit HSH.com.
About HSH.com HSH.com is a trusted source like mortgage data, trends, news and analysis. Since 1979, HSH’s market research and commentary has helped homeowners, buyers and sellers achieve smart financial choices and save money on mortgage and home investment products. HSH.com, of Riverdale, N.J., is owned and operated by QuinStreet, Inc. (NASDAQ: QNST), one of the largest Internet marketing besides media companies in the world. QuinStreet is engage to providing consumers and businesses with the clue they need to research, find and select the products, services and brands that best confluence their needs. The company is a leader in honest marketing practices. For also information, please visit QuinStreet.com.
Press Contact Alex Bryant 650-703-5214 pr(at)hsh(dot)com
Foster City, CA
+1 (650) 703-5214