HSH.com Weekly Mortgage Rates Radar: Rates Holding Nearly Steady
22 September 2015 - 10:46AM
Rates on the most popular types of mortgages held virtually steady
this week according to HSH.com's Weekly Mortgage Rates Radar. The
average rate for conforming 30-year fixed-rate mortgages remained
unchanged at an average interest rate of 3.99 percent, while
conforming 5/1 Hybrid ARM rates increased by one basis point,
closing the Wednesday-to-Tuesday wraparound weekly survey at an
average of 3.02 percent.
"The August employment report failed to provide hoped-for
clarity as to the Fed's intentions," said Keith Gumbinger, vice
president of HSH.com. "Although the unemployment rate did fall
further, the number of new jobs created during the month was a
little lower than what we've seen for much of this year, adding
more ambiguity to the outlook of what the Fed will do, and
when."
The Federal Reserve has a dual mandate: To help ensure full
employment and to create a stable inflation environment. The Fed's
policies have resulted in a steady improvement in the labor market
but they have so far missed the mark on prices, thanks to a wobbly
world economy and an unexpected decline in energy costs. Both items
are in rather fluid states, leaving it a near tossup that a lift in
short-term rates is warranted.
"The arguments to move or not to move have not been much changed
of late," adds Gumbinger. "There are plenty of positive economic
signals to focus on but nearly as many potential headwinds, and
clear signals are hard to come by. I don't think it would be a
great surprise if the Fed did or did not move at next week's
meeting, but it might be better just to get it out of the way,
rather than continuing the "will they or won't they" situation
we're enduring now. Regardless, mortgage rates are likely to be
little affected one way or the other."
For more about the influences that push mortgage rates around,
see "What Moves Mortgage Rates? (The Basics)" at HSH.com
Average mortgage rates and points for conforming residential
mortgages for the week ending September 8, according to
HSH.com:
Conforming 30-year fixed-rate mortgage
- Average Rate: 3.99 percent
- Average Points: 0.14
Conforming 5/1-year adjustable-rate mortgage
- Average Rate: 3.02 percent
- Average Points: 0.09
Average mortgage rates and points for conforming residential
mortgages for the previous week ending September 1 were, according
to HSH.com:
Conforming 30-year fixed-rate mortgage
- Average Rate: 3.99 percent
- Average Points: 0.15
Conforming 5/1-year adjustable-rate mortgage
- Average Rate: 3.01 percent
- Average Points: 0.09
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=35894
CONTACT: Alex H. Bryant
abryant@quinstreet.com
212-863-4753
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