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Mortgage Rates Today, Dec. 5: Rates Tick Higher; Carson Accepts HUD Nomination

Mortgage Rates, Mortgages
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Thirty-year fixed, 15-year fixed and 5/1 ARM rates ticked higher Monday, according to a NerdWallet survey of mortgage rates published by national lenders this morning.

Meanwhile, former campaign rival Ben Carson has accepted President-elect Donald Trump’s nomination to serve as secretary of the Department of Housing and Urban Development.

“Ben Carson has a brilliant mind and is passionate about strengthening communities and families within those communities,” Trump said in a statement. “We have talked at length about my urban renewal agenda and our message of economic revival, very much including our inner cities. Ben shares my optimism about the future of our country and is part of ensuring that this is a presidency representing all Americans.”


Mortgage Rates Today,
Monday, Dec. 5

(Change from 12/2)
30-year fixed: 4.34% APR (+0.01)
15-year fixed: 3.73% APR (+0.01)
5/1 ARM: 3.79% APR (+0.01)

Latest jobs report barely budges mortgage rates

The monthly Labor Department employment report is usually a catalyst for mortgage rate movement, but not this time. Perhaps rates have moved so much in recent weeks that there was little motivation to push them higher from what Doug Duncan, chief economist of Fannie Mae, called an “unremarkable” jobs report issued Friday.

“Some attention will be paid to the drop in the unemployment rate to 4.6 percent, but that is driven by the combination of jobs added and a decline in workforce participation, the latter of which was disappointing,” Duncan said in an analysis released Friday.

» MORE: FHA loans: What you need to know

Duncan said the table is set for a Federal Reserve short-term rate hike at next week’s meeting, with continued gradual increases from there.

“Housing supply growth continues to grind upward, adding to economic growth,” Duncan said. “In sum, there’s no reason to believe that the pace of future rate hikes will pick up based on this release.”

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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Hal Bundrick is a staff writer at NerdWallet, a personal finance website. Email: hal@nerdwallet.com. Twitter: @halmbundrick.