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Mortgage Rates Monday: Prices Rising Faster Than Rates

Sept. 25, 2017
Finding the Right Mortgage, Mortgage Rates, Mortgages
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Average rates on the 30-year fixed and 15-year fixed fell one basis point, and the 5/1 ARM was unchanged, according to a NerdWallet survey of daily mortgage rates published by national lenders Monday morning.

While there has been little movement in mortgage rates in recent weeks, home prices are another matter. Home prices went up 0.5% nationally from June to July, according to Black Knight Financial Services. Prices rose 6.2% year-over-year. The average house nationwide was worth $281,000 in July, according to Black Knight. That compares to a typical home value of $265,000 a year earlier.

Average home prices rose from June to July in most metro areas, but there were exceptions. They went down 0.2% in Los Angeles and fell 0.1% in Washington, D.C. Among the 10 largest metros, prices rose fastest in July in New York City (1.5%), Atlanta (0.8%) and Chicago (0.7%).


(Change from 9/22)
30-year fixed: 3.99% APR (-0.01)
15-year fixed: 3.44% APR (-0.01)
5/1 ARM: 3.90% APR (NC)

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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