Thirty-year fixed, 15-year fixed and 5/1 ARM rates are all higher Tuesday, according to a NerdWallet survey of mortgage rates published by national lenders this morning.
Across the board, lenders were repricing their loans higher after a Christmas holiday break.
National home price index hits all-time high for second month in a row
On average, home prices across the nation have hit their highest levels ever for two consecutive months, according to the S&P CoreLogic Case-Shiller U.S. national home price index. The survey, covering all nine U.S. census divisions, notched a 5.6% annual gain in October, up from 5.4% in Sept. 2016.
» MORE: Calculate your refinance savings
“Home prices and the economy are both enjoying robust numbers,” David M. Blitzer, managing director at S&P Dow Jones Indices, said in a release. “However, mortgage interest rates rose in November and are expected to rise further as home prices continue to outpace gains in wages and personal income. … With the current high consumer confidence numbers and low unemployment rate, affordability trends do not suggest an immediate reversal in home price trends.”
Among the 20 cities surveyed, Seattle, Portland, Oregon and Denver registered the highest year-over-year price appreciation, with gains of 10.7%, 10.3% and 8.3%, respectively.
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.