HSH.com Weekly Mortgage Rates Radar: Mortgage Rates Holding Mostly Steady

HSH.com releases its latest Weekly Mortgage Rates Radar showing almost no change in mortgage rates in the seven-day period ending February 25, as markets await clearer signals to determine if the economy is temporarily underperforming or if the current slump is more serious. The Weekly Mortgage Rates 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).

Foster City, Calif. (PRWEB) February 26, 2014

Rates on the most popular types of mortgages were mixed, according to HSH.com's Weekly Mortgage Rates Radar. The average rate for conforming 30-year fixed-rate mortgages rose by one basis points (0.01 percent) to 4.43 percent. Conforming 5/1 Hybrid ARM rates decreased by two basis points, closing the Wednesday-to-Tuesday wraparound weekly survey at an average of 3.12 percent.

"Incoming data about the economy has been disappointing for a number of weeks, but the reasons aren't quite clear," said Keith Gumbinger, vice president of HSH.com. "Harsh winter weather is likely affecting some facets of the data to some degree, but how much is hard to determine. Without a clear path to follow, mortgage rates are mostly wandering sideways, awaiting confirmation of any trend, either up or down."

In recent weeks, softer-than-forecast reports covering retail sales, employment growth, housing, manufacturing activity and other important indicators have all failed to meet expectations or otherwise pointed to a slackening of growth. The most recent estimate for Gross Domestic Product (GDP) in the fourth quarter of 2013 shows a U.S. growth rate of 3.2 percent. A new update for GDP comes Friday; this figure is expected to be marked down, and the first two months of 2014 seem to be featuring slower growth as well.

The present situation where investors attempt to peer through the haze to get a clearer picture of the true pace of growth is familiar, notes Gumbinger. "In some ways, this is very similar to what we endured in November and December, when the government shutdown produced distorted data for a time. It took a couple of months to see that we actually fared pretty well. Perhaps that will also be the case this time, and the Fed's relatively rosy outlook will come to pass."

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

Conforming 30-year fixed-rate mortgage

• Average rate: 4.43 percent
• Average points: 0.18

Conforming 5/1-year adjustable-rate mortgage

• Average rate: 3.12 percent
• Average points: 0.09

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

Conforming 30-year fixed-rate mortgage

• Average Rate: 4.42 percent
• Average Points: 0.16

Conforming 5/1-year adjustable-rate mortgage

• Average Rate: 3.14 percent
• Average Points: 0.10

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 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 Rates 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 Riverdale, N.J., is owned and operated by QuinStreet, Inc. 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.

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Press Contact
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For the original version on PRWeb visit: http://www.prweb.com/releases/2014/02/prweb11618295.htm