Mortgage rates today for 30- and 15-year fixed loans moved lower, while 5/1 ARMs were unchanged, according to a NerdWallet survey of mortgage rates published by national lenders Monday morning.
In a housing market where prices are rising and inventory is falling, low mortgage rates are the one thing making it easier on buyers. Since the middle of May, mortgage rates have been floating within a 10-basis-point range. When rates are this stable, it helps remove buyers’ concern that rates could fluctuate just before they’re set to close and disrupt the sale they worked so hard to get.
Federal Reserve Board Chair Janet Yellen is due to speak later this week in London. Market observers are expecting her to offer some insight into the central bank’s view of the economy, which should help paint a better picture of whether the Fed plans to move interest rates again this year. But until the markets get a clear sign of where the economy is headed, or at least where the Fed believes the economy is headed, mortgage rates should continue to bounce around within their tight window of just a few basis points.
MORTGAGE RATES TODAY, Monday, JUNE 26:
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.
Tim Manni is an assigning editor at NerdWallet, a personal finance website. Email: email@example.com.