Mortgage Rates Jan. 13: Bump Up; Foreclosures Hit 10-Year Low

Mortgage Rates, Mortgages
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Thirty- and 15-year fixed mortgage rates rose noticeably today, while 5/1 ARM rates rose by a hair, according to a NerdWallet survey of mortgage rates published by national lenders on Thursday.


Mortgage Rates Today,
Friday, Jan. 13

(Change from 1/12)
30-year fixed: 4.30% APR (+0.04)
15-year fixed: 3.70% APR (+0.03)
5/1 ARM: 3.84% APR (+0.01)

Nationwide foreclosure activity hits 10-year low

According to a report released Thursday by ATTOM Data Solutions, a company that runs a national property database, foreclosures hit a 10-year low in 2016. Foreclosure filings, which included default notices, scheduled auctions and bank repossessions, were made on 933,045 properties in 2016, which was a 14% decrease from the previous year. Foreclosure filings haven’t been lower since 2006, when they were made on 717,522 properties.

» MORE: Calculate how much house you can afford

Legacy foreclosures on mortgages that originated between 2004 and 2008 made up 55% of all loans actively in foreclosure by the end of 2016, according to the report. The District of Columbia had the highest share of legacy foreclosures, with 76%. Hawaii had the second-highest at 66%, followed by New Jersey at 64%, Nevada at 63%, and Delaware and Massachusetts each at 61%.

“The national foreclosure rate stayed within a historically normal range for the third consecutive year in 2016, even as banks continued to clear out legacy foreclosures from the last housing bubble, particularly in the final quarter of the year,” Daren Blomquist, senior vice president of ATTOM Data Solutions, said in the news release.

“Foreclosures completed in the fourth quarter had been in the foreclosure process 803 days on average, a substantial jump from the third quarter and indicating that banks pushed through significant numbers of legacy foreclosures during the quarter. Despite that push, we still show that more than half of all active foreclosures nationwide are on loans originated between 2004 and 2008, with a much higher share of legacy foreclosures in some markets.”

Twelve states and the District of Columbia saw an increase in overall foreclosure activity in 2016 compared to 2015, and 15 states plus D.C. saw a year-over-year increase in foreclosure starts in 2016.

Overall, foreclosure starts last year were down 16% compared to 2015, with a total of 478,857 properties that started the foreclosure process in 2016. This is a 78% drop from the peak of over 2.1 million foreclosure starts during the housing crisis in 2009, and is the lowest level since ATTOM began tracking foreclosure starts in 2006.

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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Michael Burge is a staff writer at NerdWallet, a personal finance website. Email: mburge@nerdwallet.com.