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Mortgage Rates Monday, March 6: Stepping Higher; Wells Fargo Commits $60 Billion in Loans to Black Home Buyers

March 6, 2017
Mortgage Rates, Mortgages
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Thirty-year fixed, 15-year fixed and 5/1 ARM rates all ticked higher today, according to a NerdWallet survey of current mortgage rates published by national lenders Monday morning.

This is the fifth consecutive day that 30-year fixed mortgage rates have risen. The popular home loan term is at its highest level in more than two weeks. Meanwhile, 15-year fixed rates are at their highest in more than four weeks, while 5/1 ARMs have moved to a six-week peak, according to the NerdWallet Mortgage Rate Index.

Mortgage Rates Today, Monday, March 6:

(Change from 3/3)
30-year fixed: 4.42% APR (+0.02)
15-year fixed: 3.79% APR (+0.03)
5/1 ARM: 3.88% APR (+0.03)

Major lender pledges $60 billion to boost black homeownership

Wells Fargo has committed to lend $60 billion to black borrowers in an effort “to create at least 250,000 African-American homeowners by 2027,” according to a news release.

In 2015, the bank announced a 10-year, $125 billion lending goal to support Hispanic home buyers.

» MORE: Best lenders for FHA loans

“We are proud to be the first mortgage lender to make a public commitment to help increase African-American homeownership,” Brad Blackwell, executive vice president of Wells Fargo, said in the release. “And we are grateful for the support of key housing and civil rights organizations, who work alongside us to increase economic prosperity in our communities.”

The bank’s lending campaign is being supported by the National Association of Real Estate Brokers, the NAACP and the National Urban League.

Wells Fargo is also pledging $15 million to support financial education efforts, and the lender will strive to increase the diversity of its mortgage sales team.

Wells Fargo has previously settled Justice Department charges — and faced lawsuits — alleging lending discrimination.

Homeowners looking to lower their mortgage rate can shop for refinance lenders here.

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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Hal Bundrick is a staff writer at NerdWallet, a personal finance website. Email: [email protected]. Twitter: @halmbundrick.