Rates on the most popular types of mortgages barely moved, according to HSH.com's Weekly Mortgage Rates Radar. The average rate for conforming 30-year fixed-rate mortgages rose by a single basis point (0.01 percent) to 3.68 percent. Conforming 5/1 Hybrid ARM rates held steady for a second straight week, closing the Wednesday-to-Tuesday wraparound weekly survey at an average of 2.71 percent.
"A light calendar of fresh economic news has given the markets little to go on over the past week or so," said Keith Gumbinger, vice president of HSH.com. "As a result, mortgage rates are mostly in a holding pattern after climbing a bit from December's record lows. All together, mortgage rates appear more inclined to rise than fall at the moment, so if homeowners are thinking about getting a refinance in place, it's probably a good idea to do so. Rates aren't poised to leap, but each bit of good economic news helps to build a floor under them, making a significant fall less likely."
Average mortgage rates and points for conforming residential mortgages for the week ending Feb. 12, according to HSH.com:
Conforming 30-year fixed-rate mortgage
►Average rate: 3.68 percent
►Average points: 0.25
Conforming 5/1-year adjustable-rate mortgage
►Average rate: 2.71 percent
►Average points: 0.20
Average mortgage rates and points for conforming residential mortgages for the previous week ending Feb. 5 were, according to HSH.com:
Conforming 30-year fixed-rate mortgage
►Average Rate: 3.67 percent
►Average Points: 0.22
Conforming 5/1-year adjustable-rate mortgage
►Average Rate: 2.71 percent
►Average Points: 0.18
