Thirty-year fixed mortgage rates rose two basis points, and rates on 15-year fixed mortgages and 5/1 ARMs were unchanged, according to a NerdWallet survey of daily mortgage rates published by national lenders Thursday morning.
Rates on all three types of mortgages have been stalled in a tight range all week. Trading volume was light Wednesday, the day before the start of the Federal Reserve’s much-watched annual economic policy symposium in Jackson Hole, Wyoming.
Mortgage rates have hovered under 4.25% for the last four months, which makes them low by historical standards. Yet home sales have sputtered this summer. Sales of new homes slid in July to an annual pace of 571,000 units, down 8.9% from a year earlier, according to the Census Bureau. And resales of existing homes were at an annual pace of 5.44 million in July, according to the National Association of Realtors. That represents a 2.1% increase compared with July 2016, but sales fell 1.3% from June.
“Home prices are still rising above incomes and way too fast in many markets,” said Lawrence Yun, chief economist for the National Association of Realtors, in a news release. He said homes are selling quickly, but there aren’t enough of them on the market. With demand exceeding supply, home prices rise. The median price of a home resale was $258,300 in July — a 6.2% increase from a year before.
MORTGAGE RATES TODAY, Thursday, AUG. 24:
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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