Mortgage Rates Today, Friday, July 29: Fixed-Rate Loans Move Lower

Mortgage Rates, Mortgages
You can trust that we maintain strict editorial integrity in our writing and assessments; however, we receive compensation when you click on links to products from our partners and get approved. Here's how we make money.
117294

Thirty-year and 15-year fixed mortgage rates are down Friday while 5/1 ARMs are steady, according to a survey of national lenders by NerdWallet.

For 30-year fixed home loans, this is only the second move lower since July 7.

Mortgage rates higher while homeownership falls to all-time low

In recent weeks, mortgage rates have crept higher but remain near historic lows. However, low interest rates haven’t been enough to encourage new buyers, as the rate of homeownership has fallen to a record low.

In a new report issued by the U.S. Census Bureau, the rate of homeownership in the nation fell to 62.9% in the second quarter. That’s the lowest homeownership rate since the bureau began tracking the metric in 1995.

Second-quarter 2016 homeownership rates were highest in the Midwest (67.7%) and lowest in the Northeast (59.2%) and West (57.9%), according to the report. Homeownership rates were highest for householders 65 and over (77.9%) and lowest for adults under 35 (34.1%).

The Census Bureau also reported that the median asking price for a vacant home for sale during the second quarter of this year was $164,500, a figure that’s risen over the past four years. However, it’s still significantly lower than the over $200,000 median home price recorded just before the housing crash in 2006-2007.

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:

Purchase Mortgage Rates: July 29, 2016

(Change from 7/28)

30-year fixed: 3.64% APR (-0.02)

15-year fixed: 3.03% APR (-0.04)

5/1 ARM: 3.43% 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.

Hal Bundrick is a staff writer at NerdWallet, a personal finance website. Email: hal@nerdwallet.com. Twitter: @halmbundrick.