Skip to main content

Popular Mortgage Product Rates Diverge According to HSH.com

NationalMortgageProfessional.com
Nov 13, 2013

Rates on the most popular types of mortgages moved in opposite directions according to HSH.com's Weekly Mortgage Rates Radar. The average rate for conforming 30-year fixed-rate mortgages rose by eleven basis points (0.11 percent) to 4.35 percent. Conforming 5/1 Hybrid ARM rates decreased by one basis point, closing the Wednesday-to-Tuesday wraparound weekly survey at an average of 3.08 percent. "Economic data is pushing the markets around, and the warmer feel from last week's data moved fixed mortgage rates noticeably higher," said Keith Gumbinger, vice president of HSH.com. "A relatively strong employment report plus upward revisions to hiring numbers for September and August suggest that the economy is holding its own. The current 2.8 percent rate for GDP growth in the third quarter was also unexpectedly strong. Other data suggest pretty good strength, too, and the stronger the economy is, the firmer mortgage rates may be." Although still not the prevalent view among observers, the Federal Reserve might be considering starting to taper its purchases of mortgage and Treasury bonds in December. The Fed has taken pains to explain that the decision to do so would depend upon the state of the economy. As far as the Fed decision goes, "It's still too soon to put December 'on the table'", adds Gumbinger. "However, since they didn't rule it out at the last meeting, there is a chance that they might move then. That said, there is a lot of data to come between now and the next meeting, and as we've not fully seen the effects of the 16-day government shutdown in the data as of yet, the next few weeks will be key." Average mortgage rates and points for conforming residential mortgages for the week ending November 12, according to HSH.com: Conforming 30-year fixed-rate mortgage ►Average rate:   4.35 percent ►Average points: 0.24 Conforming 5/1-year adjustable-rate mortgage ►Average rate:   3.08 percent ►Average points: 0.14 Average mortgage rates and points for conforming residential mortgages for the previous week ending November 05 were, according to HSH.com: Conforming 30-year fixed-rate mortgage ►Average Rate:   4.24 percent ►Average Points: 0.19 Conforming 5/1-year adjustable-rate mortgage ►Average Rate:   3.09 percent ►Average Points: 0.11
Published
Nov 13, 2013
MBA Swears In New Officers For 2021-22

Kristy Fercho, executive vice president and head of home lending at Wells Fargo, is the new chairman.

Industry News
Oct 18, 2021
Wemlo Introduces Third-Party Processing Solution

Wemlo announced the first third-party mortgage processing solution, Loan Brokering System.

Tech
Oct 18, 2021
Nationwide Mortgage Bankers Names New COO

Nate Hernandez was named chief operating officer for Nationwide Mortgage Bankers.

Industry News
Oct 18, 2021
ICE Unveils Transaction-Based Indices For Residential Mortgage Interest Rates

Intercontinental Exchange Inc. launched its suite of U.S. residential mortgage locked rate indices.

Tech
Oct 18, 2021
ChainLogix Appoints New Vice President, Operations

Jeryl Graham hired to accelerate growth in title & mortgage services.

Industry News
Oct 15, 2021
JPMorgan Chase To Commit $8.4M To Improve Household Stability For The Underserved

JPMorgan Chase announced six organizations that will receive philanthropic capital as part of the firm’s $400 million five-year commitment to improve housing affordability and stability for Black, Hispanic and Latino, and other underserved households.

Community
Oct 15, 2021