Rates on the most popular types of mortgages edged up a bit this week according to HSH.com's Weekly Mortgage Rates Radar. The average rate for conforming 30-year fixed-rate mortgages (FRMs) rose by just one basis point (0.01 percent) to 4.10 percent. Conforming 5/1 Hybrid ARM rates increased by three basis points, closing the Wednesday-to-Tuesday wrap-around weekly survey at an average of 3.13 percent.
"The U.S. economy seems to be on a pretty reliable path of growth, and one not affected too much by troubles overseas, at least for the moment," said Keith Gumbinger, vice president of HSH.com. "We had a fair bit of volatility for markets in October, but things have settled appreciably of late, and interest rates are again creeping toward summertime levels."
Mortgage and other interest rates spent the period between mid-May to early September at a virtual standstill. For mortgage rates, a bounce higher in September was erased by an even stronger dip in October, but the trend for November has been slightly upward so far. See a Fixed-Rate Mortgage Indicator
With market-moving data on the labor market, factory and service business activity behind us for the month, and the elections past, a quiet period for rates seems in the offing.
"There appears to be nothing in the cards to seriously disrupt markets this week, so rates are most likely to tread water over the next couple of days, at least," said Gumbinger. "Mortgage rates just barely above 16-month lows continue to provide an attractive opportunity for homeowners and homebuyers to act, even if this nascent stability removes some of the urgency to do so."
Average mortgage rates and points for conforming residential mortgages for the week ending Nov. 11, according to HSH.com:
Conforming 30-year fixed-rate mortgage
►Average rate: 4.10 percent
►Average points: 0.21
Conforming 5/1-year adjustable-rate mortgage
►Average rate: 3.13 percent
►Average points: 0.10
Average mortgage rates and points for conforming residential mortgages for the previous week ending Nov. 4 were, according to HSH.com:
Conforming 30-year fixed-rate mortgage
►Average rate: 4.09 percent
►Average points: 0.15
Conforming 5/1-year adjustable-rate mortgage
►Average rate: 3.11 percent
►Average points: 0.09
