HSH.com Weekly Mortgage Rate Radar: Record Lows Signal Another Refinance Opportunity
HSH.com Weekly Mortgage Rate Radar: Record Lows Signal Another Refinance Opportunity
Foster City, CA (PRWEB) August 24, 2011
Rates on the most popular types of mortgages are at record lows, according to HSH.com’s Weekly Mortgage Rate Radar. The average rate for conforming 30-year fixed-rate mortgages eased by a single basis point (0.01 percent) to 4.31 percent. Conforming 5/1 hybrid ARM rates fell by 5 basis points, closing the Wednesday-to-Tuesday wraparound weekly survey at an average rate of 3.11 percent.
“The markets are quieter so far this week, and mortgage rates moved just a little,” said Keith Gumbinger, vice president of HSH.com. “New record lows for mortgage rates should be a signal to homeowners that another chance to refinance has come. Even a half-percentage point break in the interest rate can bring considerable savings, especially if there are few or no fees to get the new loan.”
Homeowners can determine the best way to pay for their refinance and see the savings a new mortgage will bring by using HSH.com’s Tri-Refi Calculator.
Average mortgage rates and points for conforming residential mortgages for the week ending August 23 were, according to HSH.com:
Conforming 30-year fixed-rate mortgage
Average rate: 4.31 percent
Average points: 0.27
Conforming 5/1 ARM
Average rate: 3.11 percent
Average points: 0.23
Average mortgage rates and points for conforming residential mortgages for the previous week ending August 16 were, according to HSH.com:
Conforming 30-year fixed-rate mortgage
Average rate: 4.32 percent
Average points: 0.29
Conforming 5/1 ARM
Average rate: 3.16 percent
Average points: 0.24
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 best meet their needs. The company is a leader in ethical 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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