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November 28th, 2012

Mortgage rates move upward

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money wrenchRates on the most popular types of mortgages moved higher, according to HSH.com’s Weekly Mortgage Rates Radar. The average rate for conforming 30-year fixed-rate mortgages rose by four basis points (0.04 percent) to 3.51 percent. Conforming 5/1 Hybrid ARM rates increased by eleven basis points, closing the Wednesday-to-Tuesday wraparound weekly survey at an average of 2.74 percent.

“Fairly solid reports about the start of the holiday retail season have lent some optimism about the state of the economy, lifting rates a bit,” said Keith Gumbinger, vice president of HSH.com. “Despite ongoing economic challenges, consumers seem willing to open their wallets and that should help push the economy forward through the fourth quarter of 2012.”

A new third-quarter estimate for GDP is due out on Thursday. The initial estimate showed a two percent rate of growth.

“We still have the ‘fiscal cliff’ approaching, and no agreement is yet in place,” noted Gumbinger, “but that both sides are at least talking about getting an agreement in place is a positive signal that an economic collapse is less likely to come in early 2013. That said, any deal which avoids Armageddon will still likely weigh on the economy, but economic prospects would be brighter with one in place than without.”

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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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