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Mortgage Rates Today, Thursday, July 28: Rising from Recent Lows

July 28, 2016
Mortgage Rates, Mortgages
Mortgage Rates Today, Thursday, June 28: Rising from Recent Lows
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Thirty-year and 15-year fixed mortgage rates held firm Thursday while 5/1 ARMs crept lower, according to a survey of national lenders by NerdWallet.

Mortgage rates have been moving within a tight range over the past two weeks. However, 30-year fixed home loans are up 15 basis points since reaching their lows for the month on July 7. A basis point is one-hundredth of 1 percent (0.01%).

Mortgage rates climbing

While rising slowly, mortgage rates are still near historic lows.

“The 10-year Treasury yield remained flat this week in anticipation of the Fed’s July policy meeting. Mortgage rates, on the other hand, rose another 3 basis points to 3.48%,” Sean Becketti, chief economist of Freddie Mac, said in a news release. “Nonetheless, home sales continue to benefit from the persistently low mortgage rates with June’s new home sales coming in at an annualized rate of 592,000 homes — its fastest pace since 2008.”

Majority of millennials are saving to buy a home

The largest generation in the workplace is now poised to become the largest generation in the housing market. New research conducted by TD Bank finds that 63% of young adults are saving cash in order to buy their first home.

“For many consumers, a 20% down payment is a major barrier to homeownership,” Scott Haymore, head of pricing and secondary markets at TD Bank, said in a news release. “It’s often difficult to save this much cash, especially for young adults saddled with substantial student loan debt. First-time buyers are shopping for low down payment mortgage programs, which allow buyers to put as little as 3% down.”

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 28, 2016

(Change from 7/27)

30-year fixed: 3.66% APR (NC)

15-year fixed: 3.07% APR (NC)

5/1 ARM: 3.43% 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: [email protected]. Twitter: @halmbundrick.