Thirty-year and 15-year fixed, as well as 5/1 ARM mortgage rates, are all sharply lower Monday, according to a survey of national lenders by NerdWallet.
Average 15-year fixed mortgage rates are back below 3% for the first time in more than two weeks.
Weak economic report nudges mortgage rates lower
A disappointing report on the nation’s gross domestic product pushed bond prices higher and yields lower Friday. As a result, mortgage rates are seeing a price break today. More economic data will be released this week, and any one of those reports could lend additional volatility to mortgage rates. The most important will be the U.S. employment report Friday.
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: Aug. 1, 2016
(Change from 7/29)
30-year fixed: 3.59% APR (-0.05)
15-year fixed: 2.99% APR (-0.04)
5/1 ARM: 3.41% APR (-0.02)
Homeowners looking to lower their mortgage rates can shop for refinance lenders here.
Government watchdog proposes mortgage rules revisions
The Consumer Financial Protection Bureau is looking to update its Know Before You Owe mortgage disclosure rules, which went into effect last year. The CFPB says the updates would provide even more clarity and offer additional protections to consumers.
“Getting a mortgage is one of the most important financial choices a consumer will ever make,” Richard Cordray, the CFPB director, said in a release. “The bureau’s rules are designed to make sure consumers have the information they need, in a form they can easily understand and use, before making the decision. Our proposed updates will clarify parts of our mortgage disclosure rule to make for a smoother implementation process.”
The revisions would include:
- Clarification of the total payments disclosures.
- Promotion of housing assistance.
- Extension of the Know Before You Owe rules to housing co-ops.
- Sharing of certain mortgage disclosures with third parties, including a property’s seller as well as real estate brokers.
The revisions are subject to a comment period before they are implemented.
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.