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HSH.com Weekly Mortgage Rates Radar: Fixed Mortgage Rates Crest, Slip Back this Week

FOSTER CITY, Calif., May 27, 2015 (GLOBE NEWSWIRE) -- HSH.com releases its latest Weekly Mortgage Rates Radar showing a slight easing for mortgage rates in the seven-day period ending May 26, halting a month-long increase for fixed rates which totaled a quarter of a percentage point. 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).



Rates on the most popular types of mortgages were mixed, with fixed-rate mortgages easing while adjustables firmed a bit, according to HSH.com's Weekly Mortgage Rates Radar. The average rate for conforming 30-year fixed-rate mortgages fell by one basis points (0.01 percent) to 3.96 percent. Conforming 5/1 Hybrid ARM rates increased by two basis points, closing the Wednesday-to-Tuesday wraparound weekly survey at an average of 3.01 percent.

"It looks as though financial markets have completed their spring adjustment," said Keith Gumbinger, vice president of HSH.com. "Earlier this year, many bets were placed that the Fed would be getting close to making a change to rates by now, but with the time of that change pushed into the future, those bets were unwound, helping interest rates to firm a bit."

There have also been a few signals that the U.S. economy is improving from a winter slump which kept downward pressure on rates. That drag on rates seems to have faded, and coupling this with an increase in optimism about the fortunes of the Eurozone economy and some softening in the dollar, mortgage and other interest rates found a little space to rise this spring.

"Mortgage rates have trended up and down within a range for about the last six months now," adds Gumbinger. "Although rates may drift back down a little from where they are at the moment, rates are more likely to be sticky around these levels unless we start to see more economic softness or a decline in inflationary pressures. At the moment, the trend seems to be moving more in an upward than downward direction for those factors, which will tend to keep mortgage rates pretty stable."

Average mortgage rates and points for conforming residential mortgages for the week ending May 26, according to HSH.com:

Conforming 30-year fixed-rate mortgage

  • Average Rate: 3.96 percent
  • Average Points: 0.16

Conforming 5/1-year adjustable-rate mortgage

  • Average Rate: 3.01 percent
  • Average Points: 0.10

Average mortgage rates and points for conforming residential mortgages for the previous week ending May 19 were, according to HSH.com:

Conforming 30-year fixed-rate mortgage

  • Average Rate: 3.97 percent
  • Average Points: 0.21

Conforming 5/1-year adjustable-rate mortgage

  • Average Rate: 2.99 percent
  • Average Points: 0.10

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=33276

CONTACT: Alex H. Bryant abryant(at)quinstreet(dot)com 212-863-4753Source:QuinStreet