Mortgage Rates Outlook

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The world remains awash in troubles, including slowing growth and recession likely forming in Europe, less-stellar growth in China and a still-weak recovery here at home. That being the case, and with fiscal policy flailing about both here and abroad, central banks announced both individual and coordinated actions to help address some of these issues, and stock investors cheered loudly at the efforts. A considerable rise in stocks this week came partly at the expense of bonds, and while underlying interest rates rose somewhat as a result, most mortgage rates didn’t follow them.

Equity markets were also cheered by reports of very solid sales on Black Friday and Cyber Monday to kick off the holiday retailing season. We’ll need to see if these extreme bargain hunters continue to come out for the rest of the annual buying binge before it’s all said and done, but a good start is an encouraging sign that consumers are hunkering down somewhat less than they had been.

HSH.com’s broad-market mortgage tracker — our weekly Fixed-Rate Mortgage Indicator — found that the overall average rate for 30-year fixed-rate mortgages was unchanged from last week, holding fast at an average 4.35%; the FRMI’s 15-year companion closed the week with a single basis point increase to 3.67%. Important to homebuyers and low-equity-stake refinancers, 30-year FHA-backed mortgages climbed off last week’s record low by three basis points (0.03%) to moved to 3.95%, while the overall average for 5/1 Hybrid ARMs trickled higher by just one hundredth of one percent to 3.12%.

 

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Mortgage Rates Outlook, 10.0 out of 10 based on 1 rating

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