Mortgage rates for 30-year and 15-year fixed loans, as well as 5/1 ARMs, all slipped lower today, according to a NerdWallet survey of daily mortgage rates published by national lenders Thursday morning.
The Federal Reserve is in a “wait and see” mode for now — monitoring the economy and delaying interest rate hikes until later in the year, at the earliest.
The bond market seems to be on hold as well, with little direction. A big news event can change that. Meanwhile, stocks are reaching new highs, in a bull market now well into its ninth year.
This morning, mortgage rates took back most of yesterday’s gains. And that’s been the summer pattern. Since mid-May, fixed-rate mortgage loans have been simply wobbling, mostly within a one-eighth-point (0.125%) range. Lenders aren’t making any significant moves on pricing.
That’s good news for borrowers looking to be at a loan-closing table soon.
MORTGAGE RATES TODAY, THURSDAY, JULY 27:
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.
Hal Bundrick is a staff writer at NerdWallet, a personal finance website. Email: firstname.lastname@example.org. Twitter: @halmbundrick.