Thirty-year fixed mortgage rates inched higher Monday, 15-year fixed mortgages were unchanged and 5/1 ARM rates were up slightly, according to a NerdWallet survey of mortgage rates published by national lenders this morning.
There seems to be little on the economic calendar in the coming week to move interest rates substantially in either direction. The bond market has been docile, as summer glides to what appears to be a soft landing.
Mortgage rate forecast for the remainder of 2016
While there has been a gradual lift in interest rates for adjustable-rate mortgages over the period (+0.17%), fixed-rate home loans are basically where they were at the end of June, according to the NerdWallet Mortgage Rate Index.
“After a restive June, mortgage rates have spent the summer lolling about, content to wander in a tight range, and this despite signs of at least some economic improvement in the third quarter, little visible repercussion from the Brexit vote and perhaps even a growing likelihood that the Fed will make a move come September,” Keith T. Gumbinger, vice president of HSH.com, wrote in an email analysis late Friday afternoon.
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. 22, 2016
(Change from 8/19)
30-year fixed: 3.61% APR (+0.01)
15-year fixed: 3.05% APR (NC)
5/1 ARM: 3.50% APR (+0.01)
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.