The average rate on the 30-year, fixed-rate mortgage was unchanged, the 15-year fixed bounced seven basis points higher and the 5/1 ARM rose three basis points, according to a NerdWallet survey of daily mortgage rates published by national lenders Thursday.
The 30-year fixed is four basis points higher than a week ago and 10 basis points lower than one year ago. The 15-year fixed is back to where it was Tuesday, having fallen seven basis points Wednesday and risen by the same amount Thursday. A basis point is one one-hundredth of one percent.
Mortgage rates fell throughout the summer, with the average 30-year fixed dipping just under 4% in August. That led to plenty of refinances over the summer and continuing today. According to the Federal Housing Finance Agency, some of those refinances continued to come from the Home Affordable Refinance Program, which began in 2009 as a way for homeowners to refinance mortgages that had a higher balance than their homes were worth.
Homeowners refinanced through HARP 6,913 times from July through September, according to the FHFA. That was about one-fiftieth of the total number of refinances in the third quarter.
MORTGAGE RATES TODAY, THURSDAY, NOV. 16:
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.