Thirty-year fixed mortgage rates moved a notch higher Friday, while 15-year fixed home loans fell slightly and 5/1 ARM rates were unchanged, according to a NerdWallet survey of mortgage rates published by national lenders this morning.
Mortgage rates lack direction
The NerdWallet Mortgage Rate Index compiles annual percentage rates — lender interest rates plus fees, the most accurate way for consumers to compare rates. Here are today’s average rates for the most popular loan terms:
Mortgage Rates: Aug. 12, 2016
(Change from 8/11)
30-year fixed: 3.59% APR (+0.01)
15-year fixed: 2.98% APR (-0.01)
5/1 ARM: 3.48% APR (NC)
Homeowners looking to lower their mortgage rate can shop for refinance lenders here.
Homeowners often surprised by the value of their home
Home values have been steadily climbing — in fact, median sales price reached another record high in June — but homeowners are often shocked by the value of their home as revealed by an appraisal. And it’s not always a pleasant surprise, according to research released by Quicken Loans.
“While those on the West Coast are being surprised by their high appraisals, homeowners in the Northeast and Midwest are more likely to be shocked by their low values,” Bob Walters, Quicken Loans chief economist, said in a news release. “If homeowners keep an eye on local home sales, they can be better aware of their current home value and not be shocked when they go to sell or refinance.”
The study found appraised values nationwide were an average of 1.69% lower than what homeowners expected in July. Appraised values were generally higher than homeowners’ perceptions in Denver, San Francisco and San Jose, California. However, homeowners in Philadelphia, Detroit, Baltimore and Chicago were more likely to be disappointed with their appraised values.
NerdWallet daily mortgage rates are an average of the published APR with the lowest points for each loan term offered by a sampling of major national lenders. Annual percentage rate quotes reflect an interest rate plus points, fees and other expenses, providing the most accurate view of the costs a borrower might pay.