HSH.com Weekly Mortgage Rates Radar: Rates Holding Nearly Steady

FOSTER CITY, Calif., Sept. 9, 2015 (GLOBE NEWSWIRE) — Rates on the most popular types of mortgages held virtually steady 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 interest rate of 3.99 percent, while conforming 5/1 Hybrid ARM rates increased by one basis point, closing the Wednesday-to-Tuesday wraparound weekly survey at an average of 3.02 percent.“The August employment report failed to provide hoped-for clarity as to the Fed’s intentions,” said Keith Gumbinger, vice president of HSH.com. “Although the unemployment rate did fall further, the number of new jobs created during the month was a little lower than what we’ve seen for much of this year, adding more ambiguity to the outlook of what the Fed will do, and when.”The Federal Reserve has a dual mandate: To help ensure full employment and to create a stable inflation environment. The Fed’s policies have resulted in a steady improvement in the labor market but they have so far missed the mark on prices, thanks to a wobbly world economy and an unexpected decline in energy costs. Both items are in rather fluid states, leaving it a near tossup that a lift in short-term rates is warranted.“The arguments to move or not to move have not been much changed of late,” adds Gumbinger. “There are plenty of positive economic signals to focus on but nearly as many potential headwinds, and clear signals are hard to come by. I don’t think it would be a great surprise if the Fed did or did not move at next week’s meeting, but it might be better just to get it out of the way, rather than continuing the “will they or won’t they” situation we’re enduring now. Regardless, mortgage rates are likely to be little affected one way or the other.”For more about the influences that push mortgage rates around, see “What Moves Mortgage Rates? (The Basics)” at HSH.comAverage mortgage rates and points for conforming residential mortgages for the week ending September 8, according to HSH.com:Conforming 30-year fixed-rate mortgageAverage Rate: 3.99 percentAverage Points: 0.14Conforming 5/1-year adjustable-rate mortgageAverage Rate: 3.02 percentAverage Points: 0.09Average mortgage rates and points for conforming residential mortgages for the previous week ending September 1 were, according to HSH.com:Conforming 30-year fixed-rate mortgageAverage Rate: 3.99 percentAverage Points: 0.15Conforming 5/1-year adjustable-rate mortgageAverage Rate: 3.01 percentAverage Points: 0.09MethodologyThe 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.comHSH.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: http://www.globenewswire.com/newsroom/prs/?pkgid=35894Alex H. Bryant


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