There has been little movement in mortgage rates today, after a slow climb since May 19. The most notable gains over the period have been in adjustable-rate mortgages, as lenders tweak their initial offering rates to market conditions.
Mortgage Rates: May 27, 2016 (Change from 5/26)
30-year fixed: 3.82% APR (-0.02)
15-year fixed: 3.17% APR (NC)
5/1 ARM: 3.50% APR (+0.01)
While mortgage rates remain uncommonly low, National Association of Realtors chief economist Lawrence Yun is expecting home loan interest rates to rise over the next year.
Speaking to a group of Realtors in Virginia yesterday, Yun offered a bit of advice to homeowners considering a refinance.
“People who want to refinance their homes should probably do so quickly because it’s hard to say exactly when the mortgage rate is going to rise — but I would suggest refinancing sooner rather than later,” Yun said, according to the Bristol Herald Courier.
NerdWallet daily mortgage rates are an average of the lowest advertised 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 a more accurate view of the costs a borrower might pay.