Rates on the most popular types of mortgages hardly changed this week, according to HSH.com's Weekly Mortgage Rates Radar. The average rate for conforming 30-year fixed-rate mortgages (FRMs) fell by a single basis point (0.01 percent) to 4.06 percent. Conforming 5/1 Hybrid ARM rates increased by one basis point, closing the Wednesday-to-Tuesday wraparound weekly survey at an average of 3.11 percent.
"Absent any significant news to move them around, markets are holding pretty steady at the moment, keeping mortgage rates level," said Keith Gumbinger, vice president of HSH.com. "If anything might move them, the effect of declining oil prices on potential inflation would tend to press them a little lower, but even then, any move would be small."
While the U.S. economy ran at a 3.9 percent clip in the third quarter of 2014, major economies around the globe are sluggish, helping to keep U.S. interest rates low. It is likely that growth in the U.S. is running a little bit slower in the fourth quarter; as a result, there is currently more downward force for rates than upward pressure.
"Moderate economic growth in the U.S., minimal inflation and few profitable places for investors to park their funds are all helping American mortgage borrowers obtain fantastic rates," said Gumbinger. "Along with everything from tablets to televisions, it looks as though 'Black Friday' will include some great mortgage deals for shoppers this year."
Average mortgage rates and points for conforming residential mortgages for the week ending Nov. 25, according to HSH.com:
Conforming 30-year fixed-rate mortgage
►Average rate: 4.06 percent
►Average points: 0.13
Conforming 5/1-year adjustable-rate mortgage
►Average rate: 3.11 percent
►Average points: 0.08
Average mortgage rates and points for conforming residential mortgages for the previous week ending Nov. 18 were, according to HSH.com:
Conforming 30-year fixed-rate mortgage
►Average rate: 4.07 percent
►Average points: 0.17
Conforming 5/1-year adjustable-rate mortgage
►Average rate: 3.10 percent
►Average points: 0.09
