
HSH.com Weekly Mortgage Rate Radar: New Home Sales Flat, Rates Nudge Higher
Foster City, CA (PRWEB) July 27, 2011
Rates on the most popular types of mortgages rose slightly, according to HSH.com’s Weekly Mortgage Rate Radar. The average rate for conforming 30-year fixed-rate mortgages increased by 2 basis points (0.02 percent) to 4.63 percent. Conforming 5/1 hybrid ARM rates rose 4 basis points, closing the Wednesday-to-Tuesday wraparound weekly survey at average of 3.28 percent.
“Mortgage rates remain very favorable, but low mortgage rates on their own aren’t enough to drive the housing market forward,” said Keith Gumbinger, vice president of HSH.com. “Sales of new homes have held in a mostly flat pattern at very low levels for months despite falling rates.”
Given current economic conditions, noted Gumbinger, “consumers simply lack the confidenc
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