Following a quiet start to the day Friday, mortgage rates fell to new three-year lows as lenders repriced their loan terms late mid-morning, according to the NerdWallet Mortgage Rate Index.
Before this fresh round of discounts, home loan rates had steadied — and even risen slightly, particularly for the 30-year term. On Friday, pricing fell enough to sweep all average loan terms lower for both purchase and refinance mortgage rates.
The 30-year fixed mortgage rate has dropped by more than a quarter point in five weeks.
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 Friday’s average rates for the most popular loan terms:
Purchase Mortgage Rates: July 1, 2016
(Change from 6/30)
30-year fixed: 3.58% APR (-0.05)
15-year fixed: 3.00% APR (-0.04)
5/1 ARM: 3.32% APR (-0.01)
Refinance Mortgage Rates: July 1, 2016
(Change from 6/30)
30-year fixed: 3.67% APR (-0.04)
15-year fixed: 3.02% APR (-0.02)
5/1 ARM: 3.34% APR (-0.01)
Homeowners looking to lower their mortgage rate can shop for refinance lenders here.
Wells Fargo, Chase and BOA mortgage rates
Three major components of the NerdWallet Mortgage Rate Index are leading lenders Wells Fargo, Chase and Bank of America. Their current purchase mortgage rates are:
Bank Mortgage Rates 7/1
|30-year fixed||15-year fixed||5/1 ARM|
|Wells Fargo||3.66% APR||3.04% APR||3.38% APR|
|Chase||3.34% APR||2.80% APR||3.32% APR|
|Bank of America||3.67% APR||N/A||3.27% APR|
NerdWallet daily mortgage rates are an average of the lowest published APR 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.