HSH.com Weekly Mortgage Rate Radar: Mortgage Rates Retreat Again on Tepid Fed Predictions

HSH.com Weekly Mortgage Rate Radar: Mortgage Rates Retreat Again on Tepid Fed Predictions

Foster City, CA (PRWEB) February 01, 2012

After a recent upward blip, rates on the most popular types of mortgages retreated again this week, according to HSH.com’s Weekly Mortgage Rate Radar. The average rate for conforming 30-year fixed-rate mortgages fell by 5 basis points (.05 percent) to 4.03 percent. Conforming 5/1 hybrid ARM rates decreased by a single basis point, closing the Wednesday-to-Tuesday wraparound weekly survey at a mean of 2.99 percent. These mean rates rest just above record lows.

Slow economic growth in the U.S. and abroad has had a dampening effect on both inflation and interest rates. “Optimism about the direction of the economy was dimmed somewhat after the Federal Reserve meeting last week,” said Keith Gumbinger, vice president of HSH.com. “That Fed members expect low inadequate-term rates to persist swell into 2014 is a sign that weak economical growth will be with us for some time yet to come.”

“There is some growing speculation that the Fed may again be called upon to provide additional support for the economy in the form of a new mortgage or Treasury bond-buying program at some point this year,” said Gumbinger. “Any move would further underscore how poorly the economy is performing, but might foster even lower mortgage rates, should it come.”

Average mortgage rates and points for conforming residential mortgages for the week ending January 31 were, according to HSH.com:

Conforming 30-year fixed-rate mortgage

    Average rate: 4.03 percent     Average points: .24

Conforming 5/1-year adjustable-rate mortgage

    Average rate: 2.99 percent     Average points: .21

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

Conforming 30-year fixed-rate mortgage

    Average rate: 4.08 percent     Average points: .25

Conforming 5/1-year adjustable-rate mortgage

    Average rate: 3.00 percent     Average points: .22

Methodology
The Weekly Mortgage Rate 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 Rate Radar’s inclusion of both come 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 broad range of consumer mortgage products including ARMs, FHA-backed and jumbo mortgages, as well as home equity lend and lines of credit from hundreds of direct lenders in the U.S. For information on additional loan products, visit HSH.com.

About HSH.com
HSH.com is a trusted source of mortgage data, trends, news and analysis. Since 1979, HSH’s market research and commentary has helped homeowners, buyers and sellers make smart financial choices and save money on mortgage and home equity products. HSH.com, of Pompton Plains, N.J., is owned and operated by QuinStreet, Inc. (NASDAQ: QNST), one of the largest Internet marketing and media companies in the world. QuinStreet is committed to providing consumers and businesses with the information they need to research, find and select the products, servicing and brands that meet their needs. The company is a leader in visitor-friendly marketing practices. For more information, please visit QuinStreet.com.

Press Contact
Andrew Heilman
775-784-3842
pr(at)hsh(dot)com

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, Vocus PRW Holdings, LLC. Vocus, PRWeb, and Publicity Wire are trademarks or registered trademarks of Vocus, Inc. or Vocus PRW Holdings, LLC.

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Payroll tax deduction is going to affect mortgages?

Question by Angry Bird: Payroll tax deduction is going to affect mortgages?
I heard this on the news.That if they extend the payroll tax deduction it will doing getting FHA mortgages more expensive.I do not understand the link.It seems to be only for FHA mortgages, not conventional mortgages.Why? What are they planning to do?And it sounds like it would only affect future FHA mortgages. Not current.

Best answer:

Answer by cactusgene
Angry bird, there is no direct link between payroll tax reduction and mortgage. However, I understand that this bill is over 1,200 pages long and therefore includes provisions that have nothing what-so-ever to do with payroll withholding. I also have heard that it includes some modifications to the FHA program, but I have not seen any details and we just have to wait. However, the House has not passed the bill and the final product may look nothing like what the Senate just passed.

Know better? Leave your own answer in the comments!

First Home Mortgage Corporation Originates HarmonyLoans

First Home Mortgage Corporation Originates HarmonyLoans

Tysons Corner, VA (PRWEB) July 26, 2011

Mortgage Harmony Corp., a provider of innovative residential mortgage products, today announced that First Home Mortgage Corporation is the first correspondent lender to originate and deliver the HarmonyLoan, a consumer-initiated interest rate-resetting mortgage product. HarmonyLoan aligns the interests of consumers and mortgage originators in a way that is unprecedented in the industry. First Home Mortgage Corporation is a mortgage lender headquartered in Baltimore, Maryland, serving the borrowing needs of customers located in states along the east coast.

The HarmonyLoan, designed by Mortgage Harmony Corp., allows borrowers to quickly and easily adjust their interest rates as the market changing, taking advantage of lower interest rates without the expense and hassle of a traditional refinance or new mortgage. They can lower their rate as often as every 120 days with a click of an adding, assuming their payment history is solid.

“It is very exciting to offer the consumer centric HarmonyLoan to my customers.” said Darran Anthony, First Home Mortgage Area Manager “They quickly recognize the benefits the HarmonyLoan offers – the ability to reset their interest rate at no cost and no hassle. This product is an excellent referral tool and Mortgage Harmony’s customer facing HarmonyLoan Central™ website puts me and my Realtors in front of the customer for the life of the loan. This is truly unique in the mortgage industry.”

Mortgage Harmony’s mission is to create innovative mortgage products that bring greater continuity to all parties in the process and minimize the lender’s timeline between product development and launch to homebuyers. The HarmonyLoan removes the costly inefficiencies of the mortgage process and affords greater economic security. Homebuyers can quickly and easily reset their HarmonyLoan by accessing HarmonyLoan Central, a state-of-the-art, 24/7 web-based interface and using the One-Click Rate ChangeTM. Upon resetting, they have the advantage of an at-market interest rate. The engineering of the private label website is designed to provide constant contact between the borrower, real estate agent and loan officer. The mortgage professionals can now stay in front of the customer for the life of the loan.

“The HarmonyLoan Central website will revolutionize the way consumers manage their mortgage and the way loan officers interact with the customer,” said Jay Patel, Sales Director of Mortgage Harmony Corp. “This month the first HarmonyLoan was reset by a borrower while on vacation in London, England with just one click of a button. This is the way of the future.”

“Today’s mortgage lending environment is highly competitive.” said Steven Lagana, President of First Home Mortgage Corporation. “We are constantly looking for opportunities to better serve the customer. The HarmonyLoan and the infrastructure that is built around the product will assist us with our customer service goal, while providing our sales professionals a product offering which will dramatically increase our exposure in the marketplace.”

About Mortgage Harmony Corp.
Mortgage Harmony Corp. designs, develops and distributes innovative residential mortgage products for mid-size and large banks, credit unions and mortgage companies. Its mission is to create products and services that properly align the economic incentives of all participants of a mortgage transaction and bring long-term stability to the housing finance industry. For more information on Mortgage Harmony and the HarmonyLoan, please visit http://www.mortgageharmony.com.

About First Home Mortgage Corporation
First Home Mortgage Corporation is a licensed full service mortgage lender, providing processing, underwriting and closing for mortgage on properties in Maryland, Delaware, Virginia, Washington DC, Pennsylvania, Rhode Island, West Virginia, Florida, Georgia, North Carolina, Connecticut, South Carolina, New Jersey, Maine, New Hampshire, Vermont, Tennessee and Massachusetts. For more information, please visit http://www.gofirsthome.com.

CONTACT:
Debra Kaufmann
The Collingwood Group
202.626.9724
dkaufmann(at)collingwoodllc(dot)com

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©Copyright 1997-

, Vocus PRW Holdings, LLC. Vocus, PRWeb, and Publicity Wire are trademarks or registered trademarks of Vocus, Inc. or Vocus PRW Holdings, LLC.

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