The average 30-year, fixed-rate mortgage climbed five basis points, the 15-year fixed rose three basis points, and the 5/1 ARM bumped upward by one basis point, according to a NerdWallet survey of daily mortgage rates published by national lenders Friday.
This is the highest level for the 30-year fixed since May 12, when it averaged 4.21%. The 30-year mortgage has risen nine basis points in one week, and has gone up 44 basis points in the last year.
Mortgage rates tend to rise when the economy is going strong. Friday morning, the Commerce Department said that the economy’s overall output, known as gross domestic product, increased at a 3% annual rate from July through September. That’s down from a 3.1% annual rate of growth in the second quarter, but it’s still considered a robust showing. Since the Great Recession ended in 2009, GDP growth has averaged 2.2%.
MORTGAGE RATES TODAY, FRIDAY, OCT. 27:
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.