The average 30-year, fixed-rate mortgage fell four basis points, the 15-year fixed rose one basis point and the 5/1 ARM climbed two basis points, according to a NerdWallet survey of daily mortgage rates published by national lenders Monday.
The 30-year fixed is eight basis points lower than a week ago but 29 basis points higher than one year ago.
The National Association of Realtors, meeting in Chicago last week and this week for its annual convention, has published its outlook for 2018. Chief Economist Lawrence Yun forecasts 5% median home price growth in 2018. That represents a slower pace of home price growth compared with the NAR’s 2017 forecast of 6%.
Yun predicts that home resales will rise modestly in 2018, to 5.7 million homes from this year’s estimated 5.5 million resales. And he forecasts 700,000 sales of newly built homes in 2018, up from 600,000 this year.
At the same time, Yun predicts mortgage rates will continue to rise next year, to an average of 4.5%.
MORTGAGE RATES TODAY, MONDAY, NOV. 6:
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.