Rates on the most popular types of mortgages slipped slightly, according to HSH.com's Weekly Mortgage Rates Radar. The average rate for conforming 30-year fixed-rate mortgages fell by two basis points (0.02 percent) to 3.53 percent. Conforming 5/1 Hybrid ARM rates decreased by two basis points as well, closing the Wednesday-to-Tuesday wrap-around weekly survey at an average of 2.65 percent.
"There has been little market-moving economic news to push mortgage rates in one direction or the other of late," said Keith Gumbinger, vice president of HSH.com. "The fight in Washington over the debt ceiling and spending cuts is getting more fully underway and markets are watching the theatre, but there is no grave concern about any financial impacts just yet."
"Last week, the Consumer Finance Protection Bureau announced new regulations to govern the mortgage process, but there were few surprises contained in the final definition of what constitutes a "qualified mortgage". Since the new rules won't go into effect for a full year, there's been no immediate impact on the market. As such, it's mortgage business as usual, for the most part."
Average mortgage rates and points for conforming residential mortgages for the week ending January 15, according to HSH.com:
Conforming 30-year fixed-rate mortgage
►Average rate: 3.53 percent
►Average points: 0.29
Conforming 5/1-year adjustable-rate mortgage
►Average rate: 2.65 percent
►Average points: 0.24
Average mortgage rates and points for conforming residential mortgages for the previous week ending January 08 were, according to HSH.com:
Conforming 30-year fixed-rate mortgage
►Average Rate: 3.55 percent
►Average Points: 0.26
Conforming 5/1-year adjustable-rate mortgage
►Average Rate: 2.67 percent
►Average Points: 0.20
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.
