Thirty-year and 15-year fixed home loans are lower Wednesday, while 5/1 ARMs are up a tick, according to a NerdWallet survey of mortgage rates posted by national lenders this morning.
Mortgage rates, particularly for 30-year fixed home loans, hit their 2016 lows during the week of July 4.
Mortgage rates in neutral — until Friday
Mortgage rates have made some swift, incremental shifts up and down over the past month but, from a broad view, are holding steady within a tight range. That could change with Friday’s U.S. jobs report.
“Mortgage rates have barely wobbled about over the last five weeks,” Keith Gumbinger, vice president of HSH.com, said in a news release. “Increases and decreases have been measured in moves of just two to four basis points, little more than statistical noise. Most likely, more aimless drifting will be seen in the days ahead, but Friday’s employment report for July may kick rates a little higher or lower, depending upon how strong it is.”
Other than short-term volatility from a surprising jobs report — good or bad — Gumbinger said it will take a lot of positive economic data from both the U.S. and abroad to move mortgage rates significantly.
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: Aug. 3, 2016
(Change from 8/2)
30-year fixed: 3.60% APR (-0.02)
15-year fixed: 3.00% APR (-0.01)
5/1 ARM: 3.46% 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.