HSH.com Weekly Mortgage Rates Radar: Awaiting Fed, Mortgage Rates Edge Lower This Week
18 March 2015 - 9:04PM
Rates on the most popular types of mortgages edged lower, according
to HSH.com's Weekly Mortgage Rates Radar. The average rate for
conforming 30-year fixed-rate mortgages fell by three basis points
(0.03 percent) to 3.89 percent. Conforming 5/1 Hybrid ARM rates
decreased by two basis points, closing the Wednesday-to-Tuesday
wraparound weekly survey at an average of 3.10 percent.
"Mortgage rates have been fairly volatile in the past few weeks,
driven by stronger or weaker economic reports," said Keith
Gumbinger, vice president of HSH.com. "The Federal Reserve has made
it pretty clear that the economy's behavior and especially that of
labor markets and inflation will be the key factors in deciding
just when to start to raise short-term interest rates. However,
with the data of late as mixed as the Fed's message about the
timing of any change, interest rates have become less settled."
Reports covering the labor market continue to suggest a
strengthening economy. Hiring has averaged over 200,000 new jobs
created per month for the past year and the unemployment rate has
declined to 5.5 percent, at the top of the range the Fed considers
"full employment". Inflation has been soft, though, with price
pressures kept in check by weak wage gains, low energy prices and
declining imported good costs. Stronger labor markets argue for the
Fed to change policy sooner, while soft prices indicate they can
stay the course for a while longer.
"If the decision to change rates is based on data, and the data
is seemingly contradictory, it's little wonder rates have become
more erratic," adds Gumbinger. "Although it probably won't, we hope
that the Fed's message at the close of Wednesday's meeting will
provide some additional clarity as to timing of the first change to
rates; that said, the updated economic projections due out at the
same time may reveal more clues as to the likely date of "liftoff"
for interest rates. Without better clarity, volatility for rates is
likely to continue."
Average mortgage rates and points for conforming residential
mortgages for the week ending March 17, according to HSH.com:
Conforming 30-year fixed-rate mortgage -Average Rate: 3.89
percent -Average Points: 0.15 Conforming 5/1-year adjustable-rate
mortgage -Average Rate: 3.10 percent -Average Points:
0.08 Average mortgage rates and points for conforming residential
mortgages for the previous week ending March 10 were, according to
HSH.com: Conforming 30-year fixed-rate mortgage -Average
Rate: 3.92 percent -Average Points: 0.14 Conforming
5/1-year adjustable-rate mortgage -Average Rate: 3.12
percent -Average Points: 0.05
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 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.
A photo accompanying this release is available at:
http://www.globenewswire.com/newsroom/prs/?pkgid=31487
CONTACT: Alex H. Bryant
212-863-4753
pr@hsh.com
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