Mortgage Rates Monday, May 8: Mostly Steady

Mortgage Rates, Mortgages
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Mortgage rates for 30-year fixed loans slipped a notch lower, while 15-year fixed and 5/1 ARMs were unchanged, according to a NerdWallet survey of current mortgage rates published by national lenders Monday morning.

Charting mortgage rates for the past month, the NerdWallet Mortgage Rate Index graph looks a lot more like low tide than roaring surf. That suits lenders as well as borrowers just fine. With low and steady mortgage rates, the challenges for home buyers are most likely coming up with the down payment and finding the right house. Mortgage rates, for now, should be of little concern.

After last Friday’s employment report and Sunday’s French presidential election, there is little left on this week’s agenda to move the bond market, and thus, mortgage rates. That doesn’t mean they won’t move, but any push may have to come from some unexpected news.


MORTGAGE RATES TODAY, MONDAY, MAY 8:

(Change from 5/5)
30-year fixed: 4.17% APR (-0.01)
15-year fixed: 3.55% APR (NC)
5/1 ARM: 3.84% APR (NC)

» MORE: How much home can you afford?

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: hal@nerdwallet.com. Twitter: @halmbundrick.

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