Mortgage Rates End 2009 on the Riseby Tim Manni
Despite the fact that mortgage rates ended the year on the rise, “we are no worse off than we were as recently as mid-November, and still far, far below the June 2009 highs,” according to the latest issue of HSH’s Market Trends Newsletter, “Rates End 2009 on Rising Note.”
“The overall average for 30-year fixed-rate mortgages tracked by HSH.com’s FRMI found the indicator of conforming, jumbo and expanded conforming rates rising to to 5.59%, an 11 basis point increase. For Hybrid 5/1 ARMs, the average overall rate tipped 14 basis points higher, closing the holiday-shortened survey week at 4.85%. As expected, rates moved higher for both conforming and jumbo loans this week.”
“At the moment, rates have firmed to some degree, disappointing refinancers somewhat. Homebuyers, usually less needful of rock-bottom interest rates to foster a transaction, will probably shrug and move forward, provided rates don’t continue to step higher in the coming days. At the close of [last] week, it seems that rise in underlying rates crested on Monday and has settled, so mortgage rates should halt their rise for [this] week, too.”
“As 2009 has been a difficult year for far too many people, plenty of folks are probably not sorry to see it go. Whether that’s the case or not for you, we’d like to wish our readers, clients and friends a happy, healthy and prosperous 2010.”
“As promised, our 2010 Outlook for Mortgage Markets and Rates is out. It covers what we think are the ten most important considerations for the market next year.”
“Our latest two-month forecast offers our predictions for the immediate future.”
Click here to continue reading “Rates End 2009 on Rising Note.” HSH’s free Market Trends Newsletter, an in-depth analysis of various financial markets from the week prior, is published every Monday. Email subscribers receive it in their inbox 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.