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Mortgage Rates Today, Friday, July 8: Sharply Higher

July 8, 2016
Mortgage Rates, Mortgages
Mortgage Rates Today, Friday, Sept. 9: Higher on European Concerns
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Mortgage rates are sharply higher today, with the largest gain being registered by 30-year mortgages. It’s the first average price hike for the long-term loan since June 30.

Other mortgage terms moved only slightly higher, though still reversing a general trend of lower or stable home loan interest rates.

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 8, 2016

(Change from 7/7)

30-year fixed: 3.55% APR (+0.04)

15-year fixed: 2.97% APR (+0.01)

5/1 ARM: 3.35% APR (+0.02)


Refinance Mortgage Rates: July 8, 2016

(Change from 7/7)

30-year fixed: 3.62% APR (+0.01)

15-year fixed: 2.99% APR (+0.01)

5/1 ARM: 3.36% 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 7/8

 30-year fixed15-year fixed5/1 ARM
Wells Fargo3.66% APR2.98% APR3.42% APR
Chase3.35% APR2.79% APR3.35% APR
Bank of America3.55% APRN/A3.31% 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.

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