FOSTER CITY, Calif., April 15, 2015 (GLOBE NEWSWIRE) -- Rates on the most popular types of mortgages held almost motionless this week according to HSH.com's Weekly Mortgage Rates Radar. The average rate for conforming 30-year fixed-rate mortgages remained unchanged at an average rate of 3.75 percent, remaining near 2015 lows. Conforming 5/1 Hybrid ARM rates increased by a single basis point, closing the Wednesday-to-Tuesday wraparound weekly survey at an average of 2.91 percent.
"We're in a bit of a quiet period for mortgage rates at the moment," said Keith Gumbinger, vice president of HSH.com. "The soft employment report for March came out nearly two weeks ago, and the Federal Reserve doesn't meet again for another two, so we're enjoying a very nice lull for mortgage rates over the last week or so."
The Federal Reserve is keenly focused on what's happening with the employment market and inflation trends; both have tended to the softer side lately, leaving some analysts to speculate that the Fed will hold off on making a change to interest-rate policy until later this year. The first clues that this might be the case should come at the next Federal Open Market Committee (FOMC) meeting, which takes place April 28-29.
"Mortgage rates near 2015 lows are good news for spring homebuyers," adds Gumbinger. "For many borrowers, though, the price of money is less the issue than is access to it, with rock-bottom rates available to only the best possible borrowers. Still, even those with lesser credit or smaller down payments should find more willing lenders this year than at any time over the past few springs, so if they are inclined to buy a home, they should be able to find the financing they need, even though their costs will be slightly higher."
Average mortgage rates and points for conforming residential mortgages for the week ending April 14, according to HSH.com:
Conforming 30-year fixed-rate mortgage
- Average Rate: 3.75 percent
- Average Points: 0.15
Conforming 5/1-year adjustable-rate mortgage
-Average Rate: 2.91 percent
-Average Points: 0.09
Average mortgage rates and points for conforming residential mortgages for the previous week ending April 07 were, according to HSH.com:
Conforming 30-year fixed-rate mortgage
-Average Rate: 3.75 percent
-Average Points: 0.15
Conforming 5/1-year adjustable-rate mortgage
-Average Rate: 2.90 percent
-Average Points: 0.08
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.
A photo accompanying this release is available at:
