Thirty-year fixed mortgage rates moved sharply lower this morning, while 15-year fixed home loans and 5/1 ARM rates were both down a tick, according to a NerdWallet survey of mortgage rates published by national lenders Thursday morning.
Mortgage rates level off
After a week of volatility, with the NerdWallet Mortgage Rate Index showing average 30-year fixed mortgage rates climbing five basis points (.05%), rates have settled back down today to levels seen a week ago. In fact, 30-year home loans, on average, are priced the same as they were in mid-July.
“A surprisingly strong July jobs report showed 255,000 jobs added and 0.3% wage growth from last month, exceeding many experts’ expectations,” Sean Becketti, chief economist for Freddie Mac, said in a release. “In response, the 10-Year Treasury yield rose to its highest level since June and the 30-year fixed-rate mortgage increased two basis points to 3.45%.”
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. 11, 2016
(Change from 8/10)
30-year fixed: 3.58% APR (-0.05)
15-year fixed: 2.99% APR (-0.01)
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.