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Mortgage Rates Today, Monday, July 11: Another Rapid Rise

July 11, 2016
Mortgage Rates, Mortgages
mortgage rates
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Recent headlines have touted lower mortgage rates, and while rates are still historically low, borrowers who are considering locking in a rate should know that home loan pricing has moved noticeably higher in the past two days, particularly for 30-year mortgages. And the rate hikes have affected purchase loans as well as refinances.

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: July 11, 2016

(Change from 7/8)

30-year fixed: 3.58% APR (+0.03)

15-year fixed: 2.96% APR (-0.01)

5/1 ARM: 3.36% APR (+0.01)

 

Refinance Mortgage Rates: July 11, 2016

(Change from 7/8)

30-year fixed: 3.65% APR (+0.03)

15-year fixed: 2.98% APR (-0.01)

5/1 ARM: 3.37% APR (+0.01)

Homeowners looking to lower their mortgage rate can shop for refinance lenders here.

Wells Fargo, Chase and BOA mortgage rates

Three major components of the NerdWallet Mortgage Rate Index are leading lenders Wells Fargo, Chase and Bank of America. Their current purchase mortgage rates are:

Bank Mortgage Rates 7/11

 30-year fixed15-year fixed5/1 ARM
Wells Fargo3.65% APR2.96% APR3.38% APR
Chase3.34% APR2.77% APR3.35% APR
Bank of America3.57% APRN/A3.32% APR

NerdWallet daily mortgage rates are an average of the lowest published APR 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.