Mortgage Rates Friday, May 12: Backing Down From Recent Highs

Mortgage Rates, Mortgages
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Interest rates for 30-year fixed, 15-year fixed and 5/1 ARMs all slipped lower today, according to a NerdWallet survey of mortgage rates published by national lenders Friday morning.

Mortgage rates retreated after threatening to break through a one-eighth-point range that has held for more than a month. However, solid economic reports released this week may further strengthen the case for the Federal Reserve to continue raising short-term interest rates through the end of 2017.

“The Fed will be more likely to pull the trigger on further rate hikes knowing that the labor market can probably weather them without a scratch,” Scott Anderson, chief economist for Bank of the West, said in a release. “The labor market is tight and may even be a bit too hot right now. An overheating labor market is a Fed fear, as it could force more aggressive rate hikes and lead to a sharp slowdown or recession down the road.”


MORTGAGE RATES TODAY, FRIDAY, MAY 12:

(Change from 5/11)
30-year fixed: 4.21% APR (-0.02)
15-year fixed: 3.56% APR (-0.03)
5/1 ARM: 3.84% APR (-0.02)

» MORE: How much home can you afford?

Homeowners looking to lower their mortgage rate can shop for refinance lenders here.

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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Hal Bundrick is a staff writer at NerdWallet, a personal finance website. Email: hal@nerdwallet.com. Twitter: @halmbundrick.