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Weekly Mortgage Rates Radar Highlights Increased Rates on 30-Year Mortgages

National Mortgage Professional
Feb 19, 2014

Rates on the most popular types of mortgages edged upward according to HSH.com's Weekly Mortgage Rates Radar. The average rate for conforming 30-year fixed-rate mortgages rose by four basis points (0.04 percent) to 4.42 percent. Conforming 5/1 Hybrid ARM rates increased by two basis points, closing the Wednesday-to-Tuesday wraparound weekly survey at an average of 3.14 percent. "The 2014 decline in mortgage rates has ended for the moment, but just barely," said Keith Gumbinger, vice president of HSH.com. "Even though the recent spate of economic data has been rather disappointing, hopes are still high that the slowness in the economy is temporary, and that we'll start to see improvements as we move deeper into the year." A number of factors have been blamed for the weaker data, including wicked weather in parts of the country, concerns by employers about the implementation of the Affordable Care Act and worries that softer growth in China may derail gains here and especially in emerging markets. To varying degrees, these factors have helped slow everything from retail sales to hiring, but have also served to drive interest rates down over the in the early part of 2014. "It's too soon to know, but expectations for growth in the first quarter are being marked down a little bit due to these items," adds Gumbinger. "If they prove transient in nature as expected, we will see both economic improvement and somewhat higher mortgage rates as we go along, which is our expectation as the year moves forward." Average mortgage rates and points for conforming residential mortgages for the week ending February 18, according to HSH.com: Conforming 30-year fixed-rate mortgage ►Average rate:   4.42 percent ►Average points: 0.16 Conforming 5/1-year adjustable-rate mortgage ►Average rate:   3.14 percent ►Average points: 0.10 Average mortgage rates and points for conforming residential mortgages for the previous week ending February 11 were, according to HSH.com: Conforming 30-year fixed-rate mortgage ►Average Rate: 4.38 percent ►Average Points: 0.15 Conforming 5/1-year adjustable-rate mortgage ►Average Rate: 3.12 percent ►Average Points: 0.08
Published
Feb 19, 2014