dcsimg
Blog
November 25th, 2010

Happy Thanksgiving!

by

 

Between mouthfuls of turkey and pumpkin pie, we wanted to take a minute and wish everyone a Happy Thanksgiving!

Yesterday, I blogged about a slideshow from HSH.com: “5 reasons homebuyers can be thankful this Thanksgiving.” The first slide is titled “Rock-bottom mortgage rates.” Credit restrictions aside, low mortgage rates are certainly something homebuyers should be thankful for this holiday season.

I wanted to give you a sense of comparison when you’re thinking about mortgage rates this Thanksgiving. To provide a consistent point of reference, I’m going to examine the edition of the Market Trends Newsletter from the Monday before Thanksgiving — both from 2009 and 2010.

What were rates like this week in 2009?

This is from the 11/23/09 edition of HSH.com’s Market Trends Newsletter:

HSH.com’s overall average for mortgage rates, as measured by our Fixed-Rate Mortgage Indicator FRMI, declined by seven basis points (0.07%) [last] week, with the average price of all loans — conforming, jumbo and agency jumbo combined — slipping to 5.28%. The overall average for 5/1 Hybrid ARMs eased by three basis points, finishing [last] week at 4.58%. Conforming 30-year fixed slipped below the 5% mark, the 5th time they’ve done so this year, and have now matched 2009 lows. This is occurring despite an improving economy, which usually brings somewhat firmer interest rates.

So, on the week before Thanksgiving 2009, the 30-year Conforming fixed rate dropped below 5 percent, matching the 2009 low.

Where do rates stand so far in 2010?

In a year of mostly falling mortgage rates, we have begun to see rates rise recently. Yet, let’s remember to keep things in perspective.

This is from the 11/22/10 edition of HSH.com’s Market Trends Newsletter:

HSH.com’s overall mortgage tracker — our weekly Fixed-Rate Mortgage Indicator (FRMI) — revealed that the average rate for 30-year fixed-rate mortgages climbed by 14 basis points (.14%), ending HSH.com’s national survey at 4.76%, the highest such rate since the middle of September. For those buying homes or hoping to refinance with only a small equity position, FHA-backed loans are available at an average rate of 4.43%, and the overall average rate for hybrid 5/1 ARMs was 3.62% for the period. HSH.com’s public mortgage interest rate data series include rates for conforming, jumbo, and most recently the GSE’s “high-limit” conforming products and so covers much of the mortgage-borrowing public.

Though rates have shifted higher for at least a time, perhaps we should retain a little perspective. A year ago [last] week, conforming 30-year FRMs has just cracked below the 5% mark; despite [last] week’s bump, we are about a half-percentage point below that outstanding mark.

READERS: What are you thankful for this Thanksgiving? Leave us a comment, let us know!

Share and Enjoy:
  • email
  • Print
  • RSS
  • Add to favorites
  • Yahoo! Bookmarks
  • Facebook
  • Twitter
  • Technorati
  • Digg
  • del.icio.us
  • Google Bookmarks
  • StumbleUpon
  • Yahoo! Buzz
  • Mixx
  • BlinkList
  • Live
  • Reddit

One Response to “Happy Thanksgiving!”

  1. Tweets that mention Happy Thanksgiving! | HSH Financial News Blog -- Topsy.com Says: November 25th, 2010 at 8:03 pm

    [...] This post was mentioned on Twitter by HSH Associates, Mortgage News. Mortgage News said: [HSH] Happy Thanksgiving! – Between mouthfuls of turkey and pumpkin pie, we wanted to take a minute and wish everyon… http://ow.ly/1aae2f [...]

Leave a Comment

Receive Updates via Email

Delivered by FeedBurner

About the HSH Blog

HSH.com's daily blog focuses on the latest developments in the mortgage and housing markets. Our mission is to relate how changes in mortgage rates and housing policy, as well as the latest financial news, impacts consumers, homebuyers and industry insiders alike. Our 30-plus years of experience in the mortgage industry gives us an edge as we break down the latest changes in an ever-changing market.

Our bloggers:

Tim Manni

Tim Manni is the Managing Editor of HSH.com and the author of their daily blog, which concentrates on the latest developments in the mortgage and housing markets.

Connect With Us

  • rss feed icon
  • facebook icon
  • twitter icon

Compare Lowest Mortgage Rates

$