The average rate for 30-year fixed-rate mortgages was unchanged, while the 15-year fixed fell one basis point. The 5/1 ARM was also unchanged, according to a NerdWallet survey of daily mortgage rates published by national lenders on Thursday.
The 30-year fixed was unchanged compared with one week earlier, and is 32 basis points higher than one year ago.
It was a quiet day for mortgages and for market-moving economic data, too. Friday brings the existing home sales report for September. If the report shows a slowdown in home sales, it will likely be attributed to the hurricanes that hit Texas and Florida. Typically, closings are delayed while damage is assessed and repairs are made.
“The impacts from this season’s hurricanes on the U.S. economy were wide-ranging but should dissipate over time,” said Doug Duncan, Fannie Mae’s chief economist, in a news release. While he expects the economy to rebound in the coming months, he cautioned “recovery will likely be slower for home sales and home building, however, as the labor shortage and rising material prices will likely worsen after the hurricanes, exacerbating already-tight inventory.”
MORTGAGE RATES TODAY, THURSDAY, OCT. 19:
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.