Thirty-year fixed mortgage rates were unchanged Tuesday, while 15-year fixed home loans ticked up a couple of notches and 5/1 ARM rates held firm, according to a NerdWallet survey of mortgage rates published by national lenders this morning.
Mortgage rates going nowhere
Mortgage rates, particularly for 30-year fixed mortgages, have been holding within a tight range since mid-July. Following the British vote to exit the European Union, there has been little catalyst for interest rates to move in either direction.
“The push me-pull you nature of the available economic data over the last few weeks has produced a bit of stasis,” Keith T. Gumbinger, vice president of HSH.com, said in an analysis. “Mortgage and other interest rates are essentially wandering at the moment.”
Gumbinger said mortgage rates have seen small increases one day, followed by similar declines the next.
“Things seem a little quiet at the month, not all that unusual in mid-August, but the typical pace-quickening change of September is just a few weeks away,” he added.
Gumbinger pointed to next month’s Fed meeting as having the potential to make this year’s transition from the dull summer months “somewhat more abrupt than in years past.”
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. 16, 2016
(Change from 8/15)
30-year fixed: 3.58% APR (NC)
15-year fixed: 3.01% APR (+0.02)
5/1 ARM: 3.49% 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.