The average rate on a 30-year fixed-rate mortgage was unchanged, the 15-year fixed rate was up one basis point, and the 5/1 ARM rate was unchanged, according to a NerdWallet survey of daily mortgage rates published by national lenders Friday.
The 30-year fixed-rate mortgage is the same as it was the day before Thanksgiving, and 25 basis points (one-quarter of a percentage point) lower than one year ago. A basis point is one one-hundredth of 1 percent.
While there wasn’t much movement on mortgage rates, there has been progress on home construction. According to the Census Bureau, $517.7 million was spent on private residential construction in October. That represented a 7.4% increase over private residential spending the previous October. It’s a step toward fixing the problem of not enough homes for sale.
MORTGAGE RATES TODAY, FRIDAY, DEC. 1:
NerdWallet daily mortgage rates are an average of the published annual percentage rate with the lowest points for each loan term offered by a sampling of major national lenders. APR quotes reflect an interest rate plus points, fees and other expenses, providing the most accurate view of the costs a borrower might pay.