Rates on the most popular types of mortgages moved a little higher for the first time in weeks, according to HSH.com's Weekly Mortgage Rates Radar. The average rate for conforming 30-year fixed-rate mortgages rose by one basis point (0.01 percent) to 4.39 percent. Conforming 5/1 Hybrid ARM rates increased by five basis points, closing the Wednesday-to-Tuesday wraparound weekly survey at an average of 3.16 percent.
"We've been waiting to see if the economic drag of a rough winter is fading, and much of the latest data suggest that it is," says Keith Gumbinger, vice president of HSH.com. "The change is still more subtle than not, but signs are accumulating that the economy was moving at a faster clip at the end of the first quarter of 2014 and the beginning of the second than earlier in the year."
Stronger retail sales, falling initial claims for unemployment benefits and some indications that manufacturing is picking up are contributing to the uptick in rates. The underlying yields that influence mortgage rates have risen somewhat in recent days, and should the litany of good news continue, mortgage rates may continue to firm as well.
"We have been running in a fairly tight range for mortgage rates for nearly six months now," adds Gumbinger. "Expectations are that rates will move higher as the year progresses, but we'll need to see strong data over a longer period in order to move them out of their present range."
This week, HSH.com also made available its latest Two-Month Forecast covering the late April to mid-June period.
Average mortgage rates and points for conforming residential mortgages for the week ending April 22, according to HSH.com:
Conforming 30-year fixed-rate mortgage
►Average rate: 4.39 percent
►Average points: 0.15
Conforming 5/1-year adjustable-rate mortgage
►Average rate: 3.16 percent
►Average points: 0.09
Average mortgage rates and points for conforming residential mortgages for the previous week ending April 15, according to HSH.com:
Conforming 30-year fixed-rate mortgage
►Average rate: 4.38 percent
►Average points: 0.22
Conforming 5/1-year adjustable-rate mortgage
►Average rate: 3.11 percent
►Average points: 0.13
