HSH.com’s overall mortgage tracker — our weekly Fixed-Rate Mortgage Indicator (FRMI)
— found that the overall average rate for 30-year fixed-rate mortgages slipped back by another seven basis points (.07%) [last] week, ending HSH.com’s national survey at 5.05%. FHA-backed offers, so crucial to first-time homebuyers and low-equity refinancers, decreased by another five basis points to 4.72%, while the overall average rate for 5/1 Hybrid ARMs moved downward by eight basis points (.08%) to 3.81%. The gap between long-term fixed rates and the most common hybrid ARM should makes them at least a consideration for homebuyers and refinancers with short time horizons. HSH.com’s FRMI and other public data series includes rates for conforming, jumbo, and most recently the GSE’s “high-limit” conforming products and so cover much of the mortgage-borrowing public.