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Mortgage Rates Friday: Calm First Week

Mortgage Rates, Mortgages
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The average rate on a 30-year fixed-rate mortgage declined two basis points, the rate for the 15-year fell one basis point and the 5/1 ARM dropped by one basis point, according to a NerdWallet survey of daily mortgage rates published by national lenders Friday.

The average rate on the 30-year fixed is 24 basis points lower than one year ago. A basis point is one one-hundredth of one percent.

Mortgage rates held relatively steady all week, with the 30-year fixed remaining in a range of 4.09% to 4.12%. Friday’s release of the December employment report did little to kick mortgage rates either higher or lower. The unemployment rate remained at 4.1%, and the economy added a net 148,000 jobs.

“The job market continues to improve, but at a decelerating pace,” Lawrence Yun, chief economist for the National Association of Realtors, said in a news release. “The year 2017 ended with 2.1 million net new job additions, a very solid rate. However, the gains had been 2.6 million, 2.9 million and 2.5 million in the three preceding years.”

Curt Long, chief economist for the National Association of Federally Insured Credit Unions, pronounced the December employment report “modestly positive,” because job gains were less than expected, but were strong enough to keep the unemployment rate steady.

In terms of affecting mortgage rates, the December jobs report was the most important economic release this week. Next week’s highlight is the Consumer Price Index for December. That report is scheduled for release Friday morning and could move rates if it shows a sharp increase in inflation.

MORTGAGE RATES TODAY, FRIDAY, JAN. 5:

(Change from 01/04)
30-year fixed: 4.10% APR (-0.02)
15-year fixed: 3.73% APR (-0.01)
5/1 ARM: 4.31% APR (-0.01)


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.

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