Rates on the most popular types of mortgages moved slightly upward according to HSH.com's Weekly Mortgage Rates Radar. The average rate for conforming 30-year fixed-rate mortgages rose by a single basis point (0.01 percent) to 3.69 percent. Conforming 5/1 Hybrid ARM rates also increased by a lone basis point, closing the Wednesday-to-Tuesday wraparound weekly survey at an average of 2.77 percent.
"With the July employment report coming in a little better than expected last Friday, investors have been cheered somewhat," said Keith Gumbinger, vice president of HSH.com. "As a result, some money has been pulled from the safety of bonds, pushing bond yields and mortgage rates a little higher over the last few days."
The employment report showed that 163,000 new jobs were created in July, more than 50 percent more than was forecast. Despite the better-than-expected figure, the number is still fairly weak, so there's no reason to expect mortgage rates to continue to march higher.
"Central banks around the world have pledged to do more if conditions worsen," said Gumbinger, "and this doesn't suggest that the kind of robust economy needed to push interest rates higher is expected anytime soon. It's more likely that mortgage rates will continue to bounce along recent bottoms until a new economic trend occurs, whether upward or downward."
Average mortgage rates and points for conforming residential mortgages for the week ending August 7, according to HSH.com:
Conforming 30-year fixed-rate mortgage
- Average rate: 3.69 percent
- Average points: 0.25
- Average rate: 2.77 percent
- Average points: 0.23
- Average Rate: 3.68 percent
- Average Points: 0.25
- Average Rate: 2.76 percent
- Average Points: 0.21
The Weekly Mortgage Rates Radar reports the average rates and points offered on conforming 30-year fixed-rate mortgages and conforming 5/1 ARMs. The weekly mortgage rate survey covers a large sample of mortgage lenders and is conducted over a Wednesday-to-Tuesday cycle, with data released every Wednesday. HSH.com's survey helps consumers find the best rates on home loans in changing market conditions. Unlike mortgage rate surveys that report average rates only, the Weekly Mortgage Rates Radar's inclusion of both average rates and average points provides a more accurate view of mortgage terms currently offered by lenders.
Every week, HSH.com conducts a survey of mortgage rate data for a wide range of consumer mortgage products including ARMs, FHA-backed and jumbo mortgages, as well as home equity loans and lines of credit from hundreds of direct lenders in the U.S. For information on additional loan products, visit HSH.com.
HSH.com is a trusted source of mortgage data, trends, news and analysis. Since 1979, HSH's market research and commentary has helped homeowners, buyers and sellers make smart financial choices and save money on mortgage and home equity products. HSH.com, of Pompton Plains, N.J., is owned and operated by QuinStreet, Inc. (NASDAQ: QNST), one of the largest Internet marketing and media companies in the world. QuinStreet is committed to providing consumers and businesses with the information they need to research, find and select the products, services and brands that best meet their needs. The company is a leader in ethical marketing practices. For more information, please visit QuinStreet.com.
Read the full story at http://www.prweb.com/releases/2012/8/prweb9779627.htm
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