Average mortgage rates on the 30-year fixed, 15-year fixed and 5/1 ARM were unchanged, according to a NerdWallet survey of daily mortgage rates published by national lenders.
The mortgage process contains many surprises for first-time home buyers. Among them: how long it takes for the loan to close. It took an average of 43 days to close on a home purchase in August, according to Ellie Mae, a technology provider for lenders. That was down from an average of 46 days the previous August.
The change might be related to the fact that mortgage rates were about half a percentage point lower in summer 2016 than they were this year. July through September 2016 was the busiest quarter for mortgage originations since 2013, so it’s not surprising that all those loans took longer to get through the pipeline. See NerdWallet’s Guide to Navigating the Mortgage Closing Process to learn more about how to quickly and inexpensively close your loan.
MORTGAGE RATES TODAY, MONDAY, OCT. 2:
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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