HSH.com Weekly Mortgage Rates Radar: Mortgage Rates Drift Lower This Week
March 31 2015 - 8:25PM
Rates on the most popular types of mortgages eased a bit further
this week according to HSH.com's Weekly Mortgage Rates Radar. The
average rate for conforming 30-year fixed-rate mortgages fell by a
single basis point (0.01 percent) to 3.79 percent. Conforming 5/1
Hybrid ARM rates decreased by seven basis points, closing the
Wednesday-to-Tuesday wraparound weekly survey at an average of 2.96
percent.
"Despite the calm so far, we may be in for a bit of additional
volatility for mortgage rates later in the week," says Keith
Gumbinger, vice president of HSH.com. "Financial markets, like the
Federal Reserve, are moving in a 'data dependent' mode, so stronger
reports may tend to lift interest rates, with weaker reports
allowing for declines. As the March employment report is due out
Friday, and with a few important bits of data out before we get
there, a more measurable move for rates later in the week is to be
expected. However, the move's direction will be dictated by the
incoming data."
The Federal Reserve is closely monitoring trends in employment,
wage growth and inflation. For the moment, these signals have
indicated that the Fed can leave interest rates lower for a longer
period of time, and the Fed itself expects that the process of
raising rates will be a protracted one, even if they've not yet
revealed when that process will begin.
"If labor market conditions continue to tighten, this would tend
to move forward the date of the Fed's first move," adds Gumbinger.
"Presently, markets expect that the first change to policy may come
mid-to-late summer, but a strong March jobs report, or one
accompanied by signs of wages rising rapidly, could move this more
toward June or July and interest rates might firm accordingly. If
not too strong, we'll hold these levels, and markets may start to
look toward next month. Regardless, should any upward move occur,
mortgage rates should remain fantastic, and the spring homebuying
season should get underway without any disruption."
Average mortgage rates and points for conforming residential
mortgages for the week ending March 31, according to HSH.com:
Conforming 30-year fixed-rate mortgage Average Rate:
3.79 percent Average Points: 0.13 Conforming 5/1-year
adjustable-rate mortgage Average Rate: 2.96 percent
Average Points: 0.10 Average mortgage rates and points for
conforming residential mortgages for the previous week ending March
24 were, according to HSH.com: Conforming 30-year fixed-rate
mortgage Average Rate: 3.80 percent Average Points:
0.19 Conforming 5/1-year adjustable-rate mortgage Average
Rate: 3.03 percent Average Points: 0.12
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. (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
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more information, please visit QuinStreet.com.
CONTACT: Press Contact
Alex Bryant
650-703-5214
pr(at)hsh(dot)com
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