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Mortgage Rates Today, Friday, Aug. 19: Movement but No Trend

Aug. 19, 2016
Mortgage Rates, Mortgages
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Thirty-year fixed mortgage rates are lower Friday, while 15-year fixed mortgages moved higher and 5/1 ARM rates were unchanged, according to a NerdWallet survey of mortgage rates published by national lenders this morning.

Some lenders were aggressively repricing their loan terms, but there was no trend evident. While one lender was marking up its rates, another was discounting. And so continues the meandering mortgage rate market.

Mortgage rate forecast for the remainder of 2016

Mortgage rates have been so low for so long that there seems to be little in the way of continued improvement in the housing market. One potential barrier: the wobbling U.S. economy. In spite of lackluster data in the second quarter, Fannie Mae chief economist Doug Duncan looks for rising personal incomes and an upbeat hiring trend through the end of 2016. That could help trigger resurgent economic growth.

“We expect homebuyers will benefit from improving job and wage growth, more favorable lending standards, and continued low mortgage rates through the rest of the year, with the 30-year fixed-rate mortgage rate projected to average 3.4% during the fourth quarter,” Duncan said in Fannie Mae’s August 2016 Economic and Housing Outlook.

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. 19, 2016

(Change from 8/18)

30-year fixed: 3.60% APR (-0.02)

15-year fixed: 3.05% APR (+0.02)

5/1 ARM: 3.49% APR (NC)

Homeowners looking to lower their mortgage rate can shop for refinance lenders here.

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.

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Hal Bundrick is a staff writer at NerdWallet, a personal finance website. Email: [email protected]. Twitter: @halmbundrick.