Rates on the most popular types of mortgages rose by equal amounts according to HSH.com's Weekly Mortgage Rates Radar. The average rate for conforming 30-year fixed-rate mortgages was up six basis points (0.06 percent) to 4.43 percent. Conforming 5/1 Hybrid ARM rates also increased by six basis points, closing the Wednesday-to-Tuesday wraparound weekly survey at an average of 3.14 percent.
"With the latest employment report stronger than expected, and with upward revisions to the last two months, the economy seems to have gotten through the rough winter," said Keith Gumbinger, vice president of HSH.com. "There has been plenty of downbeat data over the last month or so keeping interest rates down, but the latest evidence suggests that we’ll see a stronger economy as the winter fades."
Wicked winter weather has been blamed for everything from weak retail sales to sagging housing markets. To the extent that is actually the case, we should begin to see a quickening in the pace of economic growth, but it may be a while before that is fully reflected in emerging data.
"The first quarter of 2014 seems likely to feature sub-par growth, with Gross Domestic Product in the mid-two percent range," adds Gumbinger. "If growth begins to rise, so may mortgage rates, but the early part of the spring home buying season will most likely get underway with some favorable mortgage rate conditions."
Average mortgage rates and points for conforming residential mortgages for the week ending March 11, according to HSH.com:
Conforming 30-year fixed-rate mortgage
►Average rate: 4.43 percent
►Average points: 0.21
Conforming 5/1-year adjustable-rate mortgage
►Average rate: 3.14 percent
►Average points: 0.08
Average mortgage rates and points for conforming residential mortgages for the previous week ending March 04 were, according to HSH.com:
Conforming 30-year fixed-rate mortgage
►Average rate: 4.37 percent
►Average points: 0.13
Conforming 5/1-year adjustable-rate mortgage
►Average rate: 3.08 percent
►Average points: 0.09
