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    HSH.com Weekly Mortgage Rate Radar: Record Low Rates Warming Housing Market

    PRWeb – Wed, Dec 21, 2011

    HSH.com releases its latest Weekly Mortgage Rate Radar showing another decline in mortgage rates from the previous week, this time to new record lows. 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 loan types dropped during the week ending December 20.

    Foster City, CA (PRWEB) December 21, 2011

    Average rates on the most popular types of residential mortgages fell to new record lows, according to HSH.com’s Weekly Mortgage Rate Radar. The average rate for conforming 30-year fixed-rate mortgages fell by 5 basis points (0.05 percent) to 4.04 percent. Conforming 5/1 hybrid ARM rates decreased by 2 basis points, closing the Wednesday-to-Tuesday wraparound weekly survey at an average of 2.97 percent.

    “Persistent record low mortgage rates are finally having some effect on the housing market,” said Keith Gumbinger, vice president of HSH.com. “Optimism among builders has begun to rise, and construction for new homes rose to a one-year high in November. Permits for future activity also put in solid gains.”

    While rates are only slightly below those seen in recent weeks, new record lows should be able to attract some attention amid the noise of the holiday season. “A refinance for a holiday present might sound a little odd, but how better to offset a holiday spending binge than with permanent monthly savings?” asked Gumbinger.

    Average mortgage rates and points for conforming residential mortgages for the week ending December 20 were, according to HSH.com:

    Conforming 30-year fixed-rate mortgage


    •     Average rate: 4.04 percent

    •     Average points: 0.32

    Conforming 5/1-year adjustable-rate mortgage


    •     Average rate: 2.97 percent

    •     Average points: 0.28

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

    Conforming 30-year fixed-rate mortgage


    •     Average rate: 4.09 percent

    •     Average points: 0.26

    Conforming 5/1-year adjustable-rate mortgage


    •     Average rate: 2.99 percent

    •     Average points: 0.26

    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

    ###

    Andrew Heilman
    HSH.com
    775-784-3842
    Email Information


     

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