HSH.com’s overall mortgage tracker — our weekly Fixed-Rate Mortgage Indicator (FRMI) — found that the overall average rate for 30-year fixed-rate mortgages rose by four basis points, (.04%) to end HSH.com’s national survey at 5.19%. FHA-backed offers, so crucial to first-time homebuyers and low-equity refinancers, increased by the same amount to finish the last week of 2010 at 4.82%, while the overall average rate for 5/1 Hybrid ARMs remained below the 4% threshold with an average initial five-year rate of 3.95% HSH.com’s FRMI and other public data series includes rates for conforming, jumbo, and most recently the GSE’s “high-limit” conforming products and so cover much of the mortgage-borrowing public.

Mortgage rates in 2010

The graph below shows both conforming and jumbo rates throughout 2010. Last year was a historical one in terms of mortgage rates. We witnessed “multi-generational lows”, and the end of 2010 saw a quick reversal in the downward trend that seemed to last most of the year. As we’ve warned many times before, mortgage rates always rise more quickly than they fall:

HSH.com’s free Market Trends Newsletter, an in-depth analysis of various financial markets from the week prior, is published every Monday. Email subscribers receive it in their inbox Friday night, so sign up today! Also, be sure to check in with our Market Trends blog for all news relating to any weekly shift in mortgage rates.

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