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Mortgage Rates Today, Tuesday, Aug. 23: Swimming in a Narrow Lane

Aug. 23, 2016
Mortgage Rates, Mortgages
Mortgage Rates Today, Tuesday, Aug 23: Swimming in a Narrow Lane
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Thirty-year and 15-year fixed mortgages rates, as well as 5/1 ARM home loan rates, are all unchanged Tuesday, according to a NerdWallet survey of mortgage rates published by national lenders this morning.

Some lenders made minor adjustments to their pricing early today, but the net result left average rates untouched.

The average rate on 5/1 ARMs is back to where it was on May 27, according to the NerdWallet Mortgage Rate Index. Adjustable rates fell 0.20 in June, then gradually climbed back to their current level, where they have been holding steady for two weeks.

The only catalyst for interest rate movement this week could be comments made by Federal Reserve Chair Janet Yellen on Friday. That’s when Yellen is scheduled to address the Federal Reserve Bank of Kansas City’s annual Economic Policy Symposium in Jackson Hole, Wyoming. If Yellen offers a firm clue as to when the Fed will make its next move in short-term interest rates, mortgage rates could be affected.

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. 23, 2016

(Change from 8/22)

30-year fixed: 3.61% APR (NC)

15-year fixed: 3.05% APR (NC)

5/1 ARM: 3.50% 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.

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