Rates on the most popular types of mortgages moved in slightly different directions this week according to HSH.com's Weekly Mortgage Rates Radar. The average rate for conforming 30-year fixed-rate mortgages rose by two basis points (0.02 percent) to 3.70 percent, its highest rate since September 2012. Conforming 5/1 Hybrid ARM rates decreased by a single basis point, closing the Wednesday-to-Tuesday wraparound weekly survey at an average of 2.70 percent.
"Mortgage rates aren't going anywhere very fast," said Keith Gumbinger, vice president of HSH.com. "A robust stock market continues to draw investor interest at the expense of bonds, so interest rates continue to be firm. Absent some poor economic news, or an end to the recent stock rally, mortgage rates are likely to hold near these levels."
Although the rise in mortgage rates from their bottoms seems considerable, it doesn't amount to much for most borrowers, notes Gumbinger.
"For a $100,000 loan, the difference between December's low and our present ‘high’ amounts to about $13 per month, hardly enough to cancel a refinance or put off a home purchase" he adds. "Borrowers shouldn't shy away from these opportunities to get a great loan, or hold off hoping for much lower rates."
Average mortgage rates and points for conforming residential mortgages for the week ending February 19, according to HSH.com:
Conforming 30-year fixed-rate mortgage
► Average rate: 3.70 percent
► Average points: 0.29
Conforming 5/1-year adjustable-rate mortgage
► Average rate: 2.70 percent
►Average points: 0.23
Average mortgage rates and points for conforming residential mortgages for the previous week ending February 12 were, 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
