The average rate on a 30-year fixed-rate mortgage fell one basis point, while the 15-year fixed was unchanged and the 5/1 ARM rose one basis point, according to a NerdWallet survey of daily mortgage rates published by national lenders.
The average 30-year fixed rate is the same as its five-day average, and 39 basis points higher than one year ago.
Mortgage rates have held fairly steady for a while now, but they are expected to rise in the final three months of the year. One main factor underlying that belief is that the Federal Reserve seems to be committed to raising short-term interest rates.
A couple of other trends are expected in the fourth quarter of 2017: Fewer homes will be sold, following the usual seasonal pattern, and home construction will slow down because so many workers will be repairing homes damaged by hurricanes. For more details, see NerdWallet’s latest quarterly look at mortgages and housing.
MORTGAGE RATES TODAY, FRIDAY, OCT. 6:
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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