Thirty-year fixed mortgage rates inched lower Monday, while 15-year fixed home loans and 5/1 ARM rates ticked higher, according to a NerdWallet survey of mortgage rates published by national lenders this morning.
Mortgage rates tread water
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:
Mortgage Rates: Aug. 15, 2016
(Change from 8/12)
30-year fixed: 3.58% APR (-0.01)
15-year fixed: 2.99% APR (+0.01)
5/1 ARM: 3.49% APR (+0.01)
Homeowners looking to lower their mortgage rate can shop for refinance lenders here.
A move back to Middle America?
Vibrant job markets on both coasts have drained the population of America’s heartland, but a new survey anticipates a reversal of this trend.
Zillow surveyed more than 100 housing experts about their future expectations for the industry. Over half of the respondents said they believe the migration from Middle America to the East and West coasts would reverse — and may have already begun — as businesses look for cheaper locations to expand.
It would mark a U-turn of a 10-year trend.
“Now, as labor markets tighten and the country approaches full employment, employers will have to look elsewhere to keep costs in check,” Dr. Svenja Gudell, Zillow chief economist, said in a news release. “For some businesses, this will mean relocating away from expensive coastal areas to more affordable interior communities. Sooner or later, workers will follow the jobs, providing an impulse to local housing markets.”
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.