Market Overview

HSH.com Weekly Mortgage Rate Radar: Mortgage Rates Slip Again, New Underwater Mortgage Calculators Introduced as Refinance Program Expands

HSH.com releases its latest Weekly Mortgage Rate Radar showing a slight dip in mortgage rates from the previous week. The Weekly Mortgage Rate 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). Average rates for both declined during the week ending March 13.

Foster City, Calif. (PRWEB) March 14, 2012

Rates on the most popular types of mortgages eased again, according to HSH.com's Weekly Mortgage Rate Radar. The average rate for conforming 30-year fixed-rate mortgages fell by 3 basis points (0.03 percent) to 4.01 percent. Conforming 5/1 hybrid ARM rates decreased by 2 basis points, closing the Wednesday-to-Tuesday wraparound weekly survey at a new record-low average of 2.92 percent.

"Mortgage rates continue to present opportunities for borrowers," said Keith Gumbinger, vice president of HSH.com. "Many underwater homeowners will get their first chance at refinancing this week as Fannie Mae and Freddie Mac roll out software to make it easier for lenders to comply with Home Affordable Refinance Program (HARP) guidelines."

Last fall, the Obama administration announced the expansion of the refinance program to encompass all homeowners with Fannie Mae- or Freddie Mac-backed mortgages, regardless of how underwater they might have become.

To help borrowers understand how different variables affect their underwater situation, HSH.com debuts two new mortgage calculators, KnowEquity When and KnowEquity How. These mortgage calculators will show underwater homeowners when they will be back in the black and also the combination of amortization, prepayment and home price appreciation needed to meet their future equity goals.

"Regardless of whether underwater homeowners refinance under HARP, they should have a good idea of when they will no longer owe more than their homes are worth,” said Gumbinger. “Even with a refinance to today's low rates or a principal reduction, many borrowers will continue to be underwater for years to come – which can affect everything from college planning to retirement.”

Average mortgage rates and points for conforming residential mortgages for the week ending March 13 were, according to HSH.com:

Conforming 30-year fixed-rate mortgage

  •     Average rate: 4.01 percent
  •     Average points: 0.30

Conforming 5/1-year adjustable-rate mortgage

  •     Average rate: 2.92 percent
  •     Average points: 0.24

Average mortgage rates and points for conforming residential mortgages for the previous week ending March 6 were, according to HSH.com:

Conforming 30-year fixed-rate mortgage

  •     Average rate: 4.04 percent
  •     Average points: 0.26

Conforming 5/1-year adjustable-rate mortgage

  •     Average rate: 2.94 percent
  •     Average points: 0.23

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 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 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, 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, services 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

For the original version on PRWeb visit: http://www.prweb.com/releases/prweb2012/3/prweb9282100.htm

 

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