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Mixed Economic Signals Impacting Housing Momentum

NationalMortgageProfessional.com
Mar 27, 2013

Rates on the most popular types of mortgages eased a little, 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 3.72 percent. Conforming 5/1 Hybrid ARM rates decreased by a single basis point, closing the Wednesday-to-Tuesday wraparound weekly survey at an average of 2.67 percent. "The mixed bag of economic signals seen lately seems to have investors more pensive than they have been recently," said Keith Gumbinger, vice president of HSH.com. "Although pretty solid as a group, upward momentum in housing has lessened, consumer moods have turned a little darker, and even the Fed has lowered its expectations for growth for the rest of 2013 a bit." Average mortgage rates and points for conforming residential mortgages for the week ending March 26, according toHSH.com: Conforming 30-year fixed-rate mortgage ►Average rate: 3.72 percent ►Average points: 0.25 Conforming 5/1-year adjustable-rate mortgage ►Average rate: 2.67 percent ►Average points: 0.19 Average mortgage rates and points for conforming residential mortgages for the previous week ending March 19 were, according to HSH.com: Conforming 30-year fixed-rate mortgage ►Average Rate: 3.74 percent ►Average Points: 0.31 Conforming 5/1-year adjustable-rate mortgage ►Average Rate: 2.68 percent ►Average Points: 0.21 "Rates have been firmer in the first quarter of 2013 compared to the last quarter of 2012, and that firmness may be based upon improving economic data," said Gumbinger. "For rates to move much higher from here, we'll need to see increased signs of revival, most notably in the job market. Until that occurs, rates are likely to remain fairly well tethered at or near present levels."
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