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April 18th, 2012

Record-low mortgage rates continue this week

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Seesaw percent and houseMortgage rates returned to record lows at the end of last week and the trend has continued into this week. Below is an excerpt from the latest Mortgage Rates Radar weekly survey:

Rates on the most popular types of mortgages shrank back to record lows, according to HSH.com’s Weekly Mortgage Rate Radar. The average rate for conforming 30-year fixed-rate mortgages fell by 6 basis points (0.06 percent) to 4.00 percent. Conforming 5/1 hybrid ARM rates decreased by 5 basis points, closing the Wednesday-to-Tuesday wraparound weekly survey at an average of 2.90 percent.

“The economic momentum of the winter and optimism about the path of growth in the near future has faded somewhat, pulling rates downward,” said Keith Gumbinger, vice president of HSH.com. “Potential borrowers this week will find conditions as favorable as they were back in February. It’s as though the whole upward blip in March never existed.”

Mortgage rates seem likely to stabilize at these levels, noted Gumbinger. “Some of the shine of the economy has worn off over the last few weeks, but we seem to be in a generally favorable pattern of growth. For mortgage rates to retreat even more from these already low levels, we would need to see fairly dark economic clouds forming.”

Average mortgage rates and points for conforming residential mortgages for the week ending April 17 were, according to HSH.com:

Conforming 30-year fixed-rate mortgage

  •     Average rate: 4.00 percent
  •     Average points: 0.31

Conforming 5/1-year adjustable-rate mortgage

  •     Average rate: 2.90 percent
  •     Average points: 0.22

Average mortgage rates and points for conforming residential mortgages for the previous week ending April 10 were, according to HSH.com:

Conforming 30-year fixed-rate mortgage

  •     Average rate: 4.06 percent
  •     Average points: 0.28

Conforming 5/1-year adjustable-rate mortgage

  •     Average rate: 2.95 percent
  •     Average points: 0.23
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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.

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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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