HSH.com Weekly Mortgage Rates Radar: Mortgage Rates Level Off

Foster City, Calif. (PRWEB) December 12, 2012

Rates on the most popular types of mortgages were mostly flat, according to HSH.com’s Weekly Mortgage Rates Radar. The average rate for conforming 30-year fixed-rate mortgages was unchanged at a record low of 3.45 percent. Conforming 5/1 Hybrid ARM rates increased by a lone basis point, closing the Wednesday-to-Tuesday wraparound weekly survey at an average of 2.68 percent.

“A mixed batch of economic data over the last week has kept mortgage rates directionless,” said Keith Gumbinger, vice president of HSH.com. “Markets may be moved a little one way or the other after today’s Federal Reserve meeting, but if the Fed acts as expected, there should be little change to mortgage rates as a result.”

Gumbinger expects the Federal Reserve to announce a new round of bond buying to stimulate the economy. This program would replace the Fed’s present Operation Twist, which concludes at the end of the month.

“Low interest rates have been critical to the housing recovery, and the Fed wants to keep the market moving. A new program of purchasing Treasury bonds, coupled with purchases of Mortgage Backed Securities under QE3, should keep record low or near-record low mortgage rates available for some time to come,” added Gumbinger.

Average mortgage rates and points for conforming residential mortgages for the week ending December 11, according to HSH.com:

Conforming 30-year fixed-rate mortgage

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