HSH.com Weekly Mortgage Rate Radar: Borrowers Can Be Thankful for Continued Low and Stable Mortgage Rates
HSH.com Weekly Mortgage Rate Radar: Borrowers Can Be Thankful for Continued Low and Stable Mortgage Rates
Foster City, CA (PRWEB) November 23, 2011
Rates on the most popular types of mortgages barely moved from the previous week, remaining near record lows, according to HSH.com’s Weekly Mortgage Rate Radar. The average rate for conforming 30-year fixed-rate mortgages fell by a single basis point (0.01 percent) to 4.13 percent and has essentially been unchanged for the past three weeks. Conforming 5/1 hybrid ARM rates increased by 2 basis points, closing the Wednesday-to-Tuesday wraparound weekly survey at an average of 3.00 percent.
“The current low and stable mortgage rate environment will afford homeowners and homebuyers additional chances to buy or refinance during the busy holiday season just ahead,” said Keith Gumbinger, vice president of HSH.com. “For some, a refinance will free up funds for holiday gifts and celebrations. For others, it will be a chance to own a home before the new year comes.”
Remarking on the market conditions, Gumbinger said, “Somewhat better economic news of late is something to be thankful for, but we’ll need a lot more of that before we’re out of the woods.”
Average mortgage rates and points for conforming residential mortgages for the week ending November 22 were, according to HSH.com:
Conforming 30-year fixed-rate mortgage
Average rate: 4.13 percent
Average points: 0.30
Conforming 5/1 ARM
Average rate: 3.00 percent
Average points: 0.26
Average mortgage rates and points for conforming residential mortgages for the previous week ending November 15 were, according to HSH.com:
Conforming 30-year fixed-rate mortgage
Average rate: 4.14 percent
Average points: 0.30
Conforming 5/1 ARM
Average rate: 2.98 percent
Average points: 0.23
Methodology
The Weekly Mortgage Rate 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 Rate 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.
About 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 meet their needs. The company is a leader in visitor-friendly marketing practices. For more information, please visit QuinStreet.com.
Press Contact
Andrew Heilman
775-784-3842
pr(at)hsh(dot)com
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