Average rates for 30-year and 15-year fixed-rate mortgages were unchanged, while the 5/1 ARM slipped one basis point, according to a NerdWallet survey of daily mortgage rates published by national lenders Monday.
The stable mortgage rates herald a week with only a few items on the economic calendar. On Wednesday, the Census Bureau releases its report on new home sales in September. In August, new homes were sold at an annual pace of 560,000, 1.2% below the pace from one year ago. The September number is expected to remain about the same. Meanwhile, the mortgage industry’s biggest gathering of the year, the Mortgage Bankers Association’s annual convention, is happening this week in Denver.
MORTGAGE RATES TODAY, MONDAY, OCT. 23:
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.