“Home Mortgage Rates Remain Low”by Tim Manni
According to the latest issue of HSH’s Market Trends Newsletter, fortunately for potential homebuyers, the narrow range in which mortgage rates have remained in for some time has been historically low.
“The national average 30-year fixed rate mortgage, as measured by HSH’s Fixed-Rate Mortgage Indicator (FRMI), fell to 5.43%, a five-basis-point drop that reflects the meanderings of the economy in general. The FRMI averages the prices of conforming, jumbo and expanded conforming products. The FRMI’s 5/1 Hybrid companion averaged 5.06% this week, just a few basis points above the conforming 30-year FRM.”
“As noted last week, some market observers declare that they’re seeing some signs of economic recovery. At least some of the economic data out this week seems to confirm that glimpse.”
“As for mortgage rates, there’s really not much in the offing to push them one way or another. FRMs have been stuck in a pretty narrow range since March, but, as we like to remind our readers, that range offers some pretty affordable deals.”
“Next week we’ll see the all-important housing starts number, a look at the minutes from the Federal Open Market Committee’s April meeting, and some other indicators of interest.”
“What might happen to markets and rates over the next couple of months? Read our latest two-month forecast to find out.”
“Click here to continue reading “Home Mortgage Rates Remain Low.” HSH’s free weekly Market Trends Newsletter, an in-depth analysis of various financial markets of the week prior, is published every Monday. Email subscribers receive it in your inbox by Friday night, so sign up today! Also, be sure to check in with our Market Trends blog for all news relating to any weekly shift in mortgage rates.”