We research, you save.

Mortgage Rates Radar 10/06/2015: Mortgage rates still declining

Rates on the most popular types of mortgages eased for a second straight week, according to HSH.com's Weekly Mortgage Rates Radar. The average rate for a conforming 30-year fixed-rate mortgage fell by seven basis points (0.07 percent) to 3.89 percent. Conforming 5/1 Hybrid ARM rates decreased by four basis points, closing the Wednesday-to-Tuesday wraparound weekly survey at an average of 2.94 percent. For fixed rates, it was the largest one-week decline since late July.

Mortgages have eased in the past month

"The economy seems to have lost some momentum in the last month, so mortgage rates have had some space to ease," said Keith Gumbinger, vice president of HSH.com. "Global softness seems to be having some impact on U.S. growth, keeping the Fed at bay for now, and perhaps longer into the future, too."

The Federal Reserve declined to raise short-term interest rates at its meeting last month, citing concerns about rickety financial markets, weak exports and limited inflation prospects. With a sub-par employment report for September and downward revisions to job growth in August and July, this caution now seems warranted, and may even keep the Fed from making any changes to rates in 2015.

Mortgage and interest rates close to 2015 lows

"Economic growth seems to have moderated considerably of late, and there's little inflation to be found. Without increases in either, mortgage and other interest rates have eased back a little, and are now closer to 2015 bottoms than peaks. There's nothing on the immediate horizon which suggests a change in direction, so for mortgage rates, aimless wandering with perhaps a slightly downward tilt seems likely to persist."

Average mortgage rates and points for conforming residential mortgages for the week ending October 6, according to HSH.com:

Conforming 30-year fixed-rate mortgage

•   Average Rate:   3.89 percent

•   Average Points: 0.14

Conforming 5/1-year adjustable-rate mortgage

•   Average Rate:   2.94 percent

•   Average Points: 0.10

Average mortgage rates and points for conforming residential mortgages for the previous week ending September 29 were, according to HSH.com:

Conforming 30-year fixed-rate mortgage

•   Average Rate:   3.96 percent

•   Average Points: 0.15

Conforming 5/1-year adjustable-rate mortgage

•   Average Rate:   2.98 percent

•   Average Points: 0.10


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.


No Comments

Leave a Comment