Rates on the most popular types of mortgages took divergent paths this week according to HSH.com’s Weekly Mortgage Rates Radar. The average rate for conforming 30-year fixed-rate mortgages rose by two basis points (0.02 percent) to 3.53 percent. Conforming 5/1 Hybrid ARM rates decreased by four basis points, closing the Wednesday-to-Tuesday wraparound weekly survey at an average of 2.57 percent.
“After a pretty solid report on hiring in March, and a decline in the unemployment rate to 7.5 percent, fixed-rate mortgages broke a six-week slide,” said Keith Gumbinger, vice president of HSH.com. “Although some firming of fixed rates will continue this week, we will remain very near record lows, and certainly well within 2013 ranges.”