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November 9th, 2011

Euro troubles send mortgage rates toward record lows



foreign currencyJust as we discussed on Monday, economic troubles overseas are helping to force U.S. mortgage rates lower. As it stands today, mortgage rates are trending back towards record lows.

“Italy has joined Greece in making the markets nervous. Troubles over there are driving interest rates down here, as investors are doing what they can to get their money out of harm’s way,” said Keith Gumbinger, vice president of HSH.com.

“There is little to suggest that any immediate solution to the fiscal woes of these countries is coming soon, but if supports aren’t enacted at some point and these countries default on their debts, the economic trouble it would cause would far outstrip the benefits of low mortgage rates.”

According to the latest weekly mortgage rate report from HSH.com, rates on two of the most popular types of mortgages dipped the week ending November 8. The average mortgage rates and points for conforming residential mortgages were as follows:

Conforming 30-year fixed-rate mortgage

  • Average rate: 4.13 percent
  • Average points: 0.28

Conforming 5/1 ARM

  • Average rate: 3.02 percent
  • Average points: 0.24

Average mortgage rates and points for conforming residential mortgages for the previous week ending November 1 were, according to HSH.com:

Conforming 30-year fixed-rate mortgage

  •     Average rate: 4.22 percent
  •     Average points: 0.27

Conforming 5/1 ARM

  •     Average rate: 3.07 percent
  •     Average points: 0.23

The Weekly Mortgage Rate 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 Rate Radar’s inclusion of both average rates and average points provides a more accurate view of mortgage terms currently offered by lenders.

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About the HSH Blog

HSH.com's daily blog focuses on the latest developments in the mortgage and housing markets. Our mission is to relate how changes in mortgage rates and housing policy, as well as the latest financial news, impacts consumers, homebuyers and industry insiders alike. Our 30-plus years of experience in the mortgage industry gives us an edge as we break down the latest changes in an ever-changing market.

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Tim Manni

Tim Manni is the Managing Editor of HSH.com and the author of their daily blog, which concentrates on the latest developments in the mortgage and housing markets.

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