Rates on the most popular types of mortgages continued a recent rise, according to HSH.com's Weekly Mortgage Rates Radar.
The average rate for conforming 30-year fixed-rate mortgages rose by five basis points (0.05 percent) to 4.05 percent. Conforming 5/1 Hybrid ARM rates also increased by five basis points, closing the Wednesday-to-Tuesday wraparound weekly survey at an average of 3.21 percent. For fixed rates, the cumulative increase in rates has been 20 basis points (0.20 percent) over the past three weeks, with a little more than a quarter-percentage point rise for 5/1 ARMs.
Rates return to July levels
"Thirty-year fixed mortgage rates have returned to levels last seen in late July, but still remain below peak 2015 levels," said Keith Gumbinger, vice president of HSH.com. "Five-one hybrid ARMs, however, are above one-year highs. Given the fairly small upward move over the last few weeks, this merely demonstrates how flat an interest rate environment we've enjoyed for quite some time."
Although of little comfort to today's borrowers, historical references can provide useful perspective about how high or low today's rates should actually seem. For example, 10 years ago this week, in the midst of a very strong housing market, 30-year FRMs averaged 6.38 percent, while 5/1 hybrid ARMs averaged 5.98 percent. Even with the minor upswing of the last few weeks, today's rates are a bargain by comparison to both historic and some recent rates.
"While it's true that mortgage rates have edged away from historic bottoms, it's also true that they haven't gone very far at all," adds Gumbinger. "Even if we see mortgage rates continue to grind higher over time, it will likely be a long while before they will be considered ‘normal,’ let alone ‘high.' Meanwhile, we expect to see a continued outstanding opportunity for homebuyers and refinancers to grab a great rate for their purchase or refinance."
Rates by mortgage product
Average mortgage rates and points for conforming residential mortgages for the week ending Nov. 17, 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
Average mortgage rates and points for conforming residential mortgages for the previous week ending November 10 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: 3.16 percent
- Average Points: 0.09
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.
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.
