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Mortgage Rates Today, Dec. 8: Mostly Unchanged; Will Gen Y Buy into the American Dream?

Mortgage Rates, Mortgages
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Thirty-year fixed rates were unchanged, 15-year fixed mortgages ticked up, while 5/1 ARM rates held steady Thursday, according to a NerdWallet survey of mortgage rates published by national lenders this morning.

Central banks are likely to influence mortgage rates in the coming days. The European Central Bank announced today that it will continue its current monetary policy of asset purchases, though at a reduced pace beginning in April. That move could move bond yields — as well as mortgage rates — higher.

Perhaps more importantly, the U.S. Federal Reserve is expected to hike short-term interest rates by a quarter point (0.25%) next week. But the move has been widely anticipated and may already be baked in to current mortgage rates.


Mortgage Rates Today,
Thursday, Dec. 8

(Change from 12/7)
30-year fixed: 4.30% APR (NC)
15-year fixed: 3.70% APR (+0.01)
5/1 ARM: 3.77% APR (NC)

Will millennials buy into the American Dream?

Fewer Americans believe that homeownership is a part of their American Dream. In a new report issued by Trulia, 72% of those surveyed said they buy into that longstanding goal, down from 75% last year. Adults 18-34 represented the biggest drop in homebuying aspirations, yet 83% say they still plan on buying a home.

» MORE: Best lenders for FHA loans

“Will mortgage rates stifle homebuying in 2017? We think not. At present, mortgage rates would have to double nationally for the cost of renting to beat the cost of buying a home,” Ralph McLaughlin, Trulia’s chief economist, said in a news release. “Even with the recent rate hike, homeowners appear to be far more concerned about saving for a down payment, having poor credit and rising home prices than qualifying for a mortgage.”

The survey found that 72% of Gen Y saying they plan on buying a home won’t do so until at least the end of 2018.


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.