Mortgage Rates Thursday: Down, Along With Affordability

Finding the Right Mortgage, Mortgage Rates, Mortgages
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mortgage rates

The average rate on a 30-year, fixed-rate mortgage was unchanged, while the 15-year fixed fell three basis points and the 5/1 ARM fell two basis points, according to a NerdWallet survey of daily mortgage rates published by national lenders.

The average 30-year fixed rate is the same as its five-day average, an indication of stability. It’s 42 basis points higher than one year ago.

With the 30-year fixed around 4%, mortgage rates are still low by historical standards. But they are higher than they were one year ago, contributing to stalling home affordability, according to ATTOM Data Solutions. The real-estate data company surveyed home prices, wages, mortgage rates and other housing costs in 406 large counties. Comparing this year’s third quarter to last year’s third quarter, home affordability was down in 79% of the counties.

Buying a median-priced home in Kings County (Brooklyn), New York, took 125.8% of the average wage, according to ATTOM. It was followed by Marin County (San Francisco), California, where the median-priced home cost 104.7% of average wages.

At the other end of the affordability spectrum, buying a median-priced home in Clayton County (Atlanta), Georgia, consumed 12% of average wages. That was followed by Bibb County (Macon), Georgia, at 12.5%.

MORTGAGE RATES TODAY, THURSDAY, OCT. 5:

(Change from 10/4)
30-year fixed: 4.03% APR (NC)
15-year fixed: 3.45% APR (-0.03)
5/1 ARM: 3.90% APR (-0.02)


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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