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Mortage Rates Radar 11/24/2015: Slight Downward Drift for Mortgage Rates

Rates for the most popular types of mortgages moved only slightly, if at all, so far this week, 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 4.03 percent. Conforming 5/1 Hybrid ARM rates remained unchanged, closing HSH's Wednesday-to-Tuesday wraparound weekly survey at an average of 3.21 percent.

"Markets continue to watch for data that might sway the Fed from a move at next month's meeting," said Keith Gumbinger, vice president of HSH.com. "Of late, the moderate-to-mixed tenor of the collection of available data doesn't seem sufficient enough to deter the Fed, but there are still notable concerns about growth and inflation such that a move next month isn't a done deal just yet."

GDP growth beats estimates

The latest update to Gross Domestic Product revealed that the economy grew at a 2.1 percent rate in the third quarter of 2015, up from just a 1.5 percent pace initially estimated. That the end-of-summer swoon in financial markets and drag attributed to a slowing economy in China still left growth at a solid, if unspectacular, rate speaks to the resiliency the U.S. economy, and may give the Fed more ammunition to make a long-awaited initial change to rates. However, flagging consumer confidence, troubles in Eurozone economies and a new recession in Japan will certainly factor into the decision-making mix, and there remains quite a bit of fresh data due before the Fed next meets on December 15 and 16.

Markets in ‘prepared mode’

"Financial markets are largely prepared for a Fed move, and a change from that stance would only occur if we see a slew of softer reports come along," adds Gumbinger. "It's almost a ‘prove me wrong’ type of position, but with a world full of economic and political troubles, there's not much certainty to be found anywhere, and that includes in monetary policy. The good news is even with the market in prepared mode, mortgage rates are barely above the 4 percent mark, and don't seem to have any additional upside momentum at the moment."

Average mortgage rates and points for conforming residential mortgages for the week ending November 24, according to HSH.com:

Conforming 30-year fixed-rate mortgage

  • Average rate:   4.03 percent
  • Average points: 0.20

Conforming 5/1-year adjustable-rate mortgage

  • Average rate:   3.21 percent
  • Average points: 0.12

Average mortgage rates and points for conforming residential mortgages for the previous week ending Nov. 17 were, according to HSH.com:

Conforming 30-year fixed-rate mortgage

  • Average Rate:   4.05 percent
  • Average Points: 0.19

Conforming 5/1-year adjustable-rate mortgage

  • Average Rate:   3.21 percent
  • Average Points: 0.11


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.comís 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 Radarís 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.

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