Rates on the most popular types of mortgages edged lower again, according to HSH.com's Weekly Mortgage Rates Radar. The average rate for conforming 30-year fixed-rate mortgages fell by three basis points (0.03 percent) to 4.18 percent. Conforming 5/1 Hybrid ARM rates decreased by just one basis point, closing the Wednesday-to-Tuesday wraparound weekly survey at an average of 3.14 percent.
"The pattern continues to repeat itself," said Keith Gumbinger, vice president of HSH.com. "We'll see a small bump of a few basis points in mortgage rates one week, then we'll spend the next week or two chipping away at it. This has been the case since summer began, and all indications are that we'll end summer that way, too."
Mortgage rates have held in an extraordinarily narrow range since late spring, with the average conforming 30-year fixed rate hovering between 4.16 and 4.3 percent during the span.
Average mortgage rates and points for conforming residential mortgages for the week ending Aug. 19, according to HSH.com:
Conforming 30-year fixed-rate mortgage
• Average Rate: 4.18 percent
• Average Points: 0.23
• Average Rate: 3.14 percent
• Average Points: 0.11