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Latest Survey Indicates Easing Rates Among Popular Mortgage Offerings
Sep 04, 2013

Rates on the most popular types of mortgages eased slightly according to's Weekly Mortgage Rates Radar. The average rate for conforming 30-year fixed-rate mortgages fell by three basis points (0.03 percent) to 4.63 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 3.45 percent. "Mortgage rates continue to be pulled back and forth by both economic and political considerations," said Keith Gumbinger, vice president of "The economy appears to be growing at a fair clip, but in an uneven pattern, so investors must keep trying to guess how the Federal Reserve will proceed with its plans for ending extraordinary monetary support. Meanwhile, the difficult situation in Syria and the Middle East is causing wary overseas investors to push some cash into the relative safety of U.S. Treasury bonds, pressing rates lower." Both situations are likely to remain murky, as a U.S. military response in Syria is possible, producing uncertain responses in financial markets. As many mortgage borrowers have come to understand, troubles in places well beyond our borders can produce lower mortgage rates as investors shield assets in so-called "flight-to-safety" moves. The employment report for August (due Friday) may be the linchpin for the Fed's decision to begin tapering purchases of mortgage-backed securities and Treasury bonds, with a strong or weak report likely determining the start or composition of the taper. "An unclear path ahead suggests that more volatility for mortgage rates can be expected," adds Gumbinger. "We have had some considerable day-to-day moves in rates, only to end the week near where we began. Unfortunately, both those start and end points for mortgage rates remain near two-year highs, with the direction for rates heading upward at the moment." Average mortgage rates and points for conforming residential mortgages for the week ending September 03, according to Conforming 30-year fixed-rate mortgage ►Average rate:   4.63 percent ►Average points: 0.18 Conforming 5/1-year adjustable-rate mortgage ►Average rate:   3.46 percent ►Average points: 0.13 Average mortgage rates and points for conforming residential mortgages for the previous week ending August 27 were, according to Conforming 30-year fixed-rate mortgage ►Average Rate:   4.66 percent ►Average Points: 0.20 Conforming 5/1-year adjustable-rate mortgage ►Average Rate:   3.47 percent ►Average Points: 0.16
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