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Mortgage Rates Radar 09/29/2015: More Rate Slippage

Rates on the most popular types of mortgages edged downward again this week, according to HSH.com's Weekly Mortgage Rates Radar. The average rate for conforming 30-year fixed-rate mortgages fell by four basis points (0.04 percent) to 3.96 percent. Conforming 5/1 Hybrid ARM rates decreased by five basis points, closing the Wednesday-to-Tuesday wraparound weekly survey at an average of 2.98 percent.

A lift in rates should be coming soon during the year

"The economic news has been somewhat disappointing of late, perhaps confirming the Fed's decision to hold off increasing rates for a while," said Keith Gumbinger, vice president of HSH.com. "However, the message from the Fed continues to suggest that a lift in rates will be coming during the year at some point, a case made again in recent days by both Fed Chair Janet Yellen and several FOMC [Federal Open Market Committee] members."

The Fed demurred on a chance to lift short-term interest rates at its September meeting, citing concerns about global growth and the impact on the U.S. economy. Recently, economic data increasingly signal that growth in China continues to be sub-par and U.S. manufacturing is struggling under the weight of a strong dollar and slow export growth.

Mortgage rates likely to remain directionless

"Mortgage rates have returned to being 'data driven'," adds Gumbinger. "If the economic data come in on the softer side, mortgage rates will tend to slip a little, as they did in the past week. Should we start to see a stronger tenor, a touch of firming is to be expected. That said, mortgage rates are merely wandering about, and will likely remain directionless until a trend one way or the other develops, or until we get closer to the date of the next Fed meeting."

Average mortgage rates and points for conforming residential mortgages for the week ending September 29, 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

Average mortgage rates and points for conforming residential mortgages for the previous week ending September 22 were, according to HSH.com:

Conforming 30-year fixed-rate mortgage

·         Average Rate:   4.00 percent

·         Average Points: 0.19

Conforming 5/1-year adjustable-rate mortgage

·         Average Rate:   3.03 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.

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