Mortgage rates for 30- and 15-year fixed loans ticked higher, while 5/1 ARMs were unchanged, according to a NerdWallet survey of current mortgage rates published by national lenders Friday morning.
New home sales were up 2.9% month-over-month in May, according to a just-released report by the Department of Commerce. Continued low mortgage rates are fueling a brisk real estate market so far in 2017, but there’s a downside for buyers.
“The bottom line is that there are fewer homes on the market, and they are selling faster,” Joseph Kirchner, senior economist for Realtor.com, said in a release. “This is a strong market for sellers, which is good news for people who are downsizing or settling an estate. It’s bad news for millennials, first-time buyers or second-time buyers looking to upsize for that baby on the way.”
MORTGAGE RATES TODAY, FRIDAY, JUNE 23:
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.
Hal Bundrick is a staff writer at NerdWallet, a personal finance website. Email: firstname.lastname@example.org. Twitter: @halmbundrick.