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Mortgage Rates Today, Thursday, Aug. 4: Nearing 2016 Lows

Aug. 4, 2016
Mortgage Rates, Mortgages
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Thirty-year and 15-year fixed home loans inched lower Thursday, while 5/1 ARMs were unchanged, according to a NerdWallet survey of mortgage rates posted by national lenders this morning.

Interest rates are expected to tread water until Friday’s U.S. employment report is released. The July jobs scorecard is likely to steer rates one way or another, depending on how it’s received by economists. A strong report is likely to nudge rates higher, while weaker-than-expected news could cause mortgage rates to recede.

Mortgage rates lower for the week

Mortgage rates, while generally higher over the past month, have fallen incrementally during the past week.

“Treasury yields fell last week following both the [Federal Reserve Open Market Committee’s] meeting and a disappointing advance estimate for second quarter GDP,” Sean Becketti, chief economist for Freddie Mac, said in a release. “Mortgage rates, which had moved up 7 basis points over the past three weeks, responded by erasing most of those gains, falling 5 basis points to 3.43% this week for the 30-year fixed-rate mortgage. Mortgage rates have been below 3.5% every week since June 30.”

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. 4, 2016

(Change from 8/3)

30-year fixed: 3.59% APR (-0.01)

15-year fixed: 2.99% APR (-0.01)

5/1 ARM: 3.46% APR (NC)


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.

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