Mortgage Rates Drift Lower This Week | Reuters

FOSTER CITY, Calif., March 31, 2015 (GLOBE NEWSWIRE) -- Rates on the most popular types ofmortgages eased a bit further this week according to HSH.com's Weekly Mortgage Rates Radar. Theaverage rate for conforming 30-year fixed-rate mortgages fell by a single basis point (0.01 percent)to 3.79 percent. Conforming 5/1 Hybrid ARM rates decreased by seven basis points, closing theWednesday-to-Tuesday wraparound weekly survey at an average of 2.96 percent.

"Despite the calm so far, we may be in for a bit of additional volatility for mortgage rates later in theweek," says Keith Gumbinger, vice president of HSH.com. "Financial markets, like the FederalReserve, are moving in a 'data dependent' mode, so stronger reports may tend to lift interest rates,with weaker reports allowing for declines. As the March employment report is due out Friday, andwith a few important bits of data out before we get there, a more measurable move for rates later inthe week is to be expected. However, the move's direction will be dictated by the incoming data."

The Federal Reserve is closely monitoring trends in employment, wage growth and inflation. For themoment, these signals have indicated that the Fed can leave interest rates lower for a longer periodof time, and the Fed itself expects that the process of raising rates will be a protracted one, even ifthey've not yet revealed when that process will begin.

"If labor market conditions continue to tighten, this would tend to move forward the date of theFed's first move," adds Gumbinger. "Presently, markets expect that the first change to policy maycome mid-to-late summer, but a strong March jobs report, or one accompanied by signs of wagesrising rapidly, could move this more toward June or July and interest rates might firm accordingly. Ifnot too strong, we'll hold these levels, and markets may start to look toward next month. Regardless,should any upward move occur, mortgage rates should remain fantastic, and the spring homebuyingseason should get underway without any disruption."

Average mortgage rates and points for conforming residential mortgages for the week ending March31, according to HSH.com:

Conforming 30-year fixed-rate mortgage

Average Rate: 3.79 percent

Average Points: 0.13

Conforming 5/1-year adjustable-rate mortgage

Average Rate: 2.96 percent

Average Points: 0.10

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

Conforming 30-year fixed-rate mortgage

Average Rate: 3.80 percent

Average Points: 0.19

Conforming 5/1-year adjustable-rate mortgage

Average Rate: 3.03 percent

Average Points: 0.12

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 datareleased every Wednesday. HSH.com's survey helps consumers find the best rates on home loans inchanging market conditions. Unlike mortgage rate surveys that report average rates only, theWeekly Mortgage Rates Radar's inclusion of both average rates and average points provides a moreaccurate view of mortgage terms currently offered by lenders.

Every week, HSH.com conducts a survey of mortgage rate data for a wide range of consumermortgage products including ARMs, FHA-backed and jumbo mortgages, as well as home equity loansand lines of credit from hundreds of direct lenders in the U.S. For information on additional loanproducts, visit HSH.com.

About HSH.com

HSH.com is a trusted source of mortgage data, trends, news and analysis. Since 1979, HSH's marketresearch and commentary has helped homeowners, buyers and sellers make smart financial choicesand save money on mortgage and home equity products. HSH.com, of Riverdale, N.J., is owned andoperated by QuinStreet, Inc. (NASDAQ: QNST), one of the largest Internet marketing and mediacompanies in the world. QuinStreet is committed to providing consumers and businesses with theinformation they need to research, find and select the products, services and brands that best meettheir needs. The company is a leader in ethical marketing practices. For more information, pleasevisit QuinStreet.com.

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