The average rate on 30-year fixed-rate mortgages was unchanged, and so were the rates on the 15-year fixed-rate mortgage and the 5/1 ARM, according to a NerdWallet survey of daily mortgage rates published by national lenders Thursday.
The 30-year fixed-rate mortgage is the same as it was the day before Thanksgiving, and 21 basis points lower than one year ago. A basis point is one one-hundredth of one percent. The 30-year fixed averaged 4.07% in November, the same as October’s average.
This standstill for rates comes as the Senate prepares to vote on a tax bill that has details subject to change until the moment voting begins. It’s possible that investors are waiting for the vote before sending mortgage rates higher or lower.
Meanwhile, the National Association of Realtors reports that its pending home sales index went up 3.5% in October from the previous month. The index is an indicator of how existing home sales will fare in the coming weeks and months, based on contract signings. The increase can primarily be attributed to a jump in contract signings in the South, after hurricane-related disruptions, NAR chief economist Lawrence Yun said in a news release.
MORTGAGE RATES TODAY, THURSDAY, NOV. 30:
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.