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November 23rd, 2011

Buyers, refinancers: You can be thankful for mortgage rates

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Mortgage Rate ConceptHomebuyers and refinancers have several things to be thankful for this holiday season, mortgage rates coming at the top of the list.

The next few months will be critical ones for the housing market. As both homebuyers and refinancers gear up for what is bound to be a busy couple of months, mortgage rates will need to remain at current levels to foster buying and refinancing activity.

Luckily for both homebuyers and refinancers, mortgage rates remain at historic lows, and we expect them to remain that way through year’s end.

“The current low and stable mortgage rate environment will afford homeowners and homebuyers additional chances to buy or refinance during the busy holiday season just ahead,” said Keith Gumbinger, vice president of HSH.com. “For some, a refinance will free up funds for holiday gifts and celebrations. For others, it will be a chance to own a home before the new year comes.”

Rates on the most popular types of mortgages barely moved from the previous week, remaining near record lows, according to HSH.com’s Weekly Mortgage Rate Radar. The average rate for conforming 30-year fixed-rate mortgages fell by a single basis point (0.01 percent) to 4.13 percent and has essentially been unchanged for the past three weeks. Conforming 5/1 hybrid ARM rates increased by 2 basis points, closing the Wednesday-to-Tuesday wraparound weekly survey at an average of 3.00 percent:

Conforming 30-year fixed-rate mortgage

  • Average rate: 4.13 percent
  • Average points: 0.30

Conforming 5/1 ARM

  • Average rate: 3.00 percent
  • Average points: 0.26

 
Average mortgage rates and points for conforming residential mortgages for the previous week ending November 15 were, according to HSH.com:

Conforming 30-year fixed-rate mortgage

  • Average rate: 4.14 percent
  • Average points: 0.30

Conforming 5/1 ARM

  • Average rate: 2.98 percent
  • Average points: 0.23

The fact that mortgage rates remain low and steady during the early months of HARP 2.0 is key. The expanded program desperately needs some early successes so that borrowers, both new homeowners and especially those who failed to previously get HARP refinances, are encouraged to come try to get the payment relief for which they have been waiting.

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2 Responses to “Buyers, refinancers: You can be thankful for mortgage rates”

  1. South Carolina Mortgage Rates at 4.23% « Mortgage Rates Co. Says: November 27th, 2011 at 11:14 am

    [...] Rates on the most popular types of mortgages barely moved from the previous week, remaining near record lows, according to HSH.com’s Weekly Mortgage Rate Radar. The average rate for conforming 30-year fixed-rate mortgages fell by a single basis point (0.01 percent) to 4.13 percent and has essentially been unchanged for the past three weeks. Conforming 5/1 hybrid ARM rates increased by 2 basis points, closing the Wednesday-to-Tuesday wraparound weekly survey at an average of 3.00 percent:Source: hsh.com [...]

  2. Jim wagoner Says: November 27th, 2011 at 8:30 pm

    This has to be the best time to buy a house that we will ever see in our lifetimes (at least us baby boomers). House prices are very low and rates are at record low levels. It may take a while to see mucg appreciation, but at these levels an investor can actually have a positive cash flow with just the minimum down payment.

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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.

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