The average rate on the 30-year, fixed-rate mortgage increased five basis points, the 15-year fixed went up six basis points and the 5/1 ARM climbed three basis points, according to a NerdWallet survey of daily mortgage rates published by national lenders Monday.
The 30-year fixed is five basis points higher than a week ago and 10 basis points higher than one year ago. A basis point is one one-hundredth of one percent.
A year ago this week, mortgage rates were in the middle of a rapid rise after the presidential election. The 30-year fixed was above 4.5% for most of the second half of December. By April 2017, mortgage rates had fallen back below 4.25%, where they have remained.
There’s a wide range of forecasts for mortgage rates in 2018. Fannie Mae predicts that the 30-year fixed will average about 4.1% by the fourth quarter of 2018, which is about where it is now. The Mortgage Bankers Association forecasts that the 30-year fixed will average 4.8% in the final three months of 2018, a rise of almost three-quarters of a percentage point.
MORTGAGE RATES TODAY, MONDAY, NOV. 13:
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.