FOSTER CITY, CALIF., April 29, 2015 (GLOBE NEWSWIRE) -- Rates on the most popular types of mortgages increased a little this week, according to HSH.com's Weekly Mortgage Rates Radar . The average rate for conforming 30-year fixed-rate mortgages rose by five basis points (0.05 percent) to 3.77 percent. Conforming 5/1 Hybrid ARM rates increased by six basis points, closing the Wednesday-to-Tuesday wraparound weekly survey at an average of 2.93 percent.
"Mortgage rates continue to wander about, directionless," said Keith Gumbinger, vice president of HSH.com. "It's a fair bet that the Federal Reserve won't have anything to say after its meeting this week that would upset markets to any great degree, and with the economic news continuing to be mixed, we are more in a holding pattern than not for mortgage rates."
The Federal Reserve concludes a two-day policy meeting on Wednesday. Back in March, it characterized an increase in rates at this meeting as "unlikely", and given the current economic climate and inflation, it may extend that prediction to June, as well. For the moment, financial markets appear confident that the first increase in the Federal Funds rate will come in September or later, but there is a lot of data yet to come which may change that expectation.
"If the Fed effectively takes June 'off the table', we'll need to watch the data carefully," adds Gumbinger. "A pickup in hiring or the cessation of energy-related effects on inflation could put the July meeting in its crosshairs, but we'll need to see a considerable change from the recent pattern of data before that will happen. For the moment, the trend of rock-bottom rates for spring homebuyers should persist."
HSH.com also released this week its latest Two-Month Forecast for mortgage rates, covering the late April through late June period.
Average mortgage rates and points for conforming residential mortgages for the week ending April 28, according to HSH.com: Conforming 30-year fixed-rate mortgage -Average Rate: 3.77 percent -Average Points: 0.15 Conforming 5/1-year adjustable-rate mortgage -Average Rate: 2.93 percent -Average Points: 0.09 Average mortgage rates and points for conforming residential mortgages for the previous week ending April 21 were, according to HSH.com: Conforming 30-year fixed-rate mortgage -Average Rate: 3.72 percent -Average Points: 0.20 Conforming 5/1-year adjustable-rate mortgage -Average Rate: 2.87 percent -Average Points: 0.10
Methodology
The Weekly Mortgage Rates Radar reports the average rates and points offered on conforming 30-year fixed-rate mortgages and conforming 5/1 ARMs. The weekly mortgage rate survey covers a large sample of mortgage lenders and is conducted over a Wednesday-to-Tuesday cycle, with data released every Wednesday. HSH.com's survey helps consumers find the best rates on home loans in changing market conditions. Unlike mortgage rate surveys that report average rates only, the Weekly Mortgage Rates Radar's inclusion of both average rates and average points provides a more accurate view of mortgage terms currently offered by lenders.
Every week, HSH.com conducts a survey of mortgage rate data for a wide range of consumer mortgage products including ARMs, FHA-backed and jumbo mortgages, as well as home equity loans and lines of credit from hundreds of direct lenders in the U.S. For information on additional loan products, visit HSH.com.
About HSH.com
HSH.com is a trusted source of mortgage data, trends, news and analysis. Since 1979, HSH's market research and commentary has helped homeowners, buyers and sellers make smart financial choices and save money on mortgage and home equity products. HSH.com, of Riverdale, N.J., is owned and operated by QuinStreet, Inc. (Nasdaq: QNST ), one of the largest Internet marketing and media companies in the world. QuinStreet is committed to providing consumers and businesses with the information they need to research, find and select the products, services and brands that best meet their needs. The company is a leader in ethical marketing practices. For more information, please visit QuinStreet.com .
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Alex Bryant 212-863-4753
