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Mortgage Rates Today, Thursday, Aug. 11: Lower Today, Mostly Unchanged for the Week

Aug. 11, 2016
Mortgage Rates, Mortgages
Mortgage Rates Today, Thursday, Aug. 11: Lower Today, Mostly Unchanged for the Week
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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)

5/1 ARM: 3.48% 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.

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