Thirty-year fixed mortgages rates moved down a notch, while 15-year fixed and 5/1 ARM home loan rates were unchanged Wednesday, according to a NerdWallet survey of mortgage rates published by national lenders this morning.
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. 24, 2016
(Change from 8/23)
30-year fixed: 3.60% APR (-0.01)
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.
New home sales surge to 9-year high
Data released yesterday by the U.S. Census Bureau and the Department of Housing and Urban Development revealed the number of new homes sold through July of this year was up 13% over the same period of 2015. The seasonally adjusted annualized sales rate of 654,000 homes was the highest in nearly nine years.
“New home sales are finally surging, rising to the highest level since 2007, and it’s great to see evidence of much-needed growth and a shift toward more affordable prices in July’s report,” Jonathan Smoke, Realtor.com chief economist, said in a news release. “It’s also good news that we are finally seeing builders shifting toward more affordable price points. And given the limited number of homes currently for sale, we can be confident that the decline in new home prices is a result of market shift and not discounting by builders.”
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.