Rates on the most popular types of mortgages edged slightly lower, according to HSH.com's Weekly Mortgage Rates Radar. The average rate for conforming 30-year fixed-rate mortgages fell by two basis points (0.02 percent) to 3.50 percent. Conforming 5/1 Hybrid ARM rates decreased by three basis points, closing the Wednesday-to-Tuesday wraparound weekly survey at an average of 2.88 percent.
Little movement in mortgage rates
"Summer doldrums in the financial markets seem to be fully in place at the moment," said Keith Gumbinger, vice president of HSH.com. "Mortgage rates have moved very little since the calendar turned July, when economic signals started changing from the mixed-to-softer pattern of the spring to a mixed-to-stronger one for the summer. This has been sufficient to keep rates from falling or rising, so stasis it is."
After a fall of 17 basis points during June, conforming 30-year fixed-rate mortgages have moved up and down in a range of six basis points (.06 percent) in the seven weeks since then. Hybrid 5/1 ARMs have wobbled in an eight basis point range for a longer period of nine weeks now.
Good news for mortgage shoppers
"Low and slow is usually a term applied to barbecue, but it also seems to apply to mortgage rates this summer," adds Gumbinger. "That's a good thing for mortgage shoppers, who strongly prefer no surprises while trying to get deals in place. Summer's end in a few weeks may quicken the pace of change, but lazy rates are perfect for the lazy days of late summer, so enjoy them while the season lasts."
Current mortgage rates
Average mortgage rates and points for conforming residential mortgages for the week ending August 16, according to HSH.com:
Conforming 30-year fixed-rate mortgage
- Average Rate: 3.50 percent
- Average Points: 0.19
Conforming 5/1-year adjustable-rate mortgage
- Average Rate: 2.88 percent
- Average Points: 0.14
Average mortgage rates and points for conforming residential mortgages for the previous week ending August 09 were, according to HSH.com:
Conforming 30-year fixed-rate mortgage
- Average Rate: 3.52 percent
- Average Points: 0.17
Conforming 5/1-year adjustable-rate mortgage
- Average Rate: 2.91 percent
- Average Points: 0.15
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.
