HSH.com: Popular Mortgage Product Rates Slip

Rates on the most popular types of mortgages dipped slightly according to HSH.com's Weekly Mortgage Rates Radar. The average rate for conforming 30-year fixed-rate mortgages fell by just one basis point (0.01 percent) to 4.45 percent. Conforming 5/1 Hybrid ARM rates also fell by a single basis point, closing the Wednesday-to-Tuesday wraparound weekly survey at an average of 3.21 percent. "There was no big surprise in the employment report, so interest rates are continuing along a fairly steady path at the moment," said Keith Gumbinger, vice president of HSH.com. "Markets seemed to be prepared for a stronger hiring number, but the 192,000 new jobs created were right in a sweet spot to avoid disrupting the markets." At least a few recent economic reports point to an economy coming back to life after a cold patch, including sales of new vehicles and reports covering both the economy’s manufacturing and service sectors. "The effects of a difficult winter are fading behind us, and the economy seems to be gaining spotty traction as the ice and snow melt away," adds Gumbinger. "If the pattern continues, we would expect to see mortgage rates firming as we wind our way deeper into the spring." Average mortgage rates and points for conforming residential mortgages for the week ending April 8, according to HSH.com: Conforming 30-year fixed-rate mortgage ►Average rate: 4.45 percent ►Average points: 0.16 Conforming 5/1-year adjustable-rate mortgage ►Average rate: 3.21 percent ►Average points: 0.09 Average mortgage rates and points for conforming residential mortgages for the previous week ending April 1 were, according to HSH.com: Conforming 30-year fixed-rate mortgage ►Average rate: 4.46 percent ►Average points: 0.16 Conforming 5/1-year adjustable-rate mortgage ►Average Rate: 3.22 percent ►Average Points: 0.09