The average rate on a 30-year fixed-rate mortgage rose one basis point, the 15-year fixed rate went up two 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 Monday.
The 30-year fixed-rate mortgage is four basis points higher than one week ago, and 23 basis points lower than one year ago. A basis point is one one-hundredth of 1 percent.
Until Friday, this week will be devoid of economic reports that move mortgage rates one way or the other. The exception is the Friday morning release of the employment report for November. According to Econoday, there is a wide range in the consensus estimate for job growth; anywhere between 153,000 and 250,000 new jobs is likely. If the job-growth number is within that range, the report won’t like have much effect on mortgage rates. If the numbers exceed that range, we could see rates move higher.
MORTGAGE RATES TODAY, MONDAY, DEC. 4:
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.