HSH.com Weekly Mortgage Rates Radar: Mortgage Rates Retreat Again This Week

HSH.com releases its latest Weekly Mortgage Rates Radar showing another retreat in popular mortgage rates during the seven-day period ending July 1, with 30-year fixed rate mortgages ending the first half of the year nearly a half-percentage point below where they began it. 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) July 02, 2014

Rates on the most popular types of mortgages declined again, according to HSH.com's Weekly Mortgage Rates Radar. The average rate for conforming 30-year fixed-rate mortgages fell by five basis points (0.05 percent) to 4.17 percent. Conforming 5/1 Hybrid ARM rates also decreased by five basis points, closing the Wednesday-to-Tuesday wraparound weekly survey at an average 3.11 percent.

"Mortgage rates continue to surprise the markets, not only by falling for much of the first half of the year, but also by remaining low," said Keith Gumbinger, vice president of HSH.com. "This is more remarkable with the economy coming back up to speed and a bit more inflation pressure than we've seen for a while."

A growing economy's demands for credit can help lift interest rates, as can any widespread price pressures. While both seem to be heading upward, neither are at a place where there is great concern as yet, and the recent trends for these may or may not be sustained, given the ups and downs seen in this economic recovery. Low mortgage rates have had a broadly beneficial effect on housing markets, with this spring's unexpected fall fostering an increase in home sales.

"Homebuyers have been presented with a great opportunity this spring, and the latest reports show they are taking full advantage, lifting existing home sales by almost 5 percent in May and also driving sales of new homes up by nearly 19 percent," adds Gumbinger. "With no way to know how long rates will remain low, homebuyers are seizing their chances at near-record low rates as quickly as they can."

Average mortgage rates and points for conforming residential mortgages for the week ending July 01, according to HSH.com:

Conforming 30-year fixed-rate mortgage
-Average rate: 4.17 percent
-Average points: 0.18

Conforming 5/1-year adjustable-rate mortgage
-Average rate: 3.11 percent
-Average points: 0.07

Average mortgage rates and points for conforming residential mortgages for the previous week ending June 24 were, according to HSH.com:

Conforming 30-year fixed-rate mortgage
-Average Rate: 4.22 percent
-Average Points: 0.16

Conforming 5/1-year adjustable-rate mortgage
-Average Rate: 3.16 percent
-Average Points: 0.08

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.

For the original version on PRWeb visit: http://www.prweb.com/releases/2014/07/prweb11992043.htm