The average rate on the 30-year, fixed-rate mortgage was unchanged, the 15-year fixed bumped one basis point higher and the 5/1 ARM dropped one basis point, according to a NerdWallet survey of daily mortgage rates published by national lenders Friday.
The 30-year fixed is four basis points higher than eight days ago (Friday was a national holiday) and six basis points lower than one year ago. A basis point is one one-hundredth of one percent.
The 30-year fixed has been stable this week, remaining in a narrow range between 4.08% and 4.11%. Housing starts haven’t been so stable lately, with declines in construction activity that coincided with hurricanes followed by surges as builders presumably got back to work after the storms. In October, builders began construction on single-family houses at a seasonally adjusted annual rate of 877,000. That was a 0.7% increase over October 2016, and a 5.3% increase over September’s rate, which had been depressed by storm-related interruptions.
“Overall, the total activity for the country is moving in the right path,” Lawrence Yun, chief economist for the National Association of Realtors, said in a news release. He noted that housing starts declined in the West in October and warned that the region might suffer a slowdown in job growth if more houses aren’t built there.
MORTGAGE RATES TODAY, FRIDAY, NOV. 17:
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.