Mortgage rates for 30-year and 15-year fixed-rate loans, as well as 5/1 ARMs, were all lower today, according to a NerdWallet survey of current mortgage rates published by national lenders Monday morning.
The Federal Reserve on Wednesday will announce its latest decision regarding short-term interest rates. The central bank is expected to wait until June to hike rates again. Recent economic reports on the weak side are one reason.
“The drop in economic growth over the last three months was driven primarily by a large deceleration in real consumer spending growth, less inventory accumulation, and declines in government spending,” Scott Anderson, chief economist for Bank of the West, said in a release issued Friday.
Anderson believes consumer and government spending will rebound in the second quarter and business inventories will expand.
“I think the [Fed] will also look past this quarter of economic weakness as it charts a course for interest rate normalization this year. The next rate hike from the Fed will likely come in June, if second quarter growth evolves as we envision, with another rate hike coming in September,” Anderson said.
MORTGAGE RATES TODAY, MONDAY, MAY 1:
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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.