Thirty-year and 15-year fixed rates reversed course from yesterday and fell slightly, while 5/1 ARM rates notched up again Wednesday, according to a NerdWallet survey of mortgage rates published by national lenders this morning.
New home sales up in November
November saw newly built, single-family home sales rise by 5.2 percent, according to data released last week by the Department of Housing and Urban Development and the Census Bureau. The seasonally adjusted annual rate was 592,000 units. That compares with 490,000 in November 2015, according to the National Association of Homebuilders.
» MORE: Calculate your refinance savings
“New home sales showed growing strength in 2016, and builders expect more of the same next year,” Ed Brady, chairman of the NAHB, said in a release. “A key to continued growth in 2017 will be to ensure that prospective, qualified first-time homebuyers have access to affordable home loans.”
Adding to the builder optimism, NAHB chief economist Robert Dietz says the “NAHB expects an increase in single-family home construction next year, fueled by a growing economy and solid job growth.”
“Builder confidence has risen on anticipation of reductions in regulatory costs, which is good news for homebuyers and renters,” Dietz says. “However, the pace of construction will continue to be restricted by shortages of lots and labor in some markets.”
New home sales increased 43.8 percent in the Midwest and 7.7 percent in the West, but remained flat in the Northeast and fell 3.1 percent in the South.
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.
Michael Burge is a staff writer at NerdWallet, a personal finance website. Email: [email protected].