Thirty-year fixed mortgage rates and 5/1 ARMs each climbed by two basis points, while 15-year loans bumped up by one, according to a NerdWallet survey of daily mortgage rates published by national lenders Tuesday morning.
Over the last week, rates on home loans have not varied much day to day. Today’s rates continue that relatively steady trend.
Monday was light on the types of economic reports that move mortgage rates, and the leader of the Senate made a promise that kept bond markets calm and unruffled.
Senate Majority Leader Mitch McConnell said Monday that there was “zero chance” that the federal debt ceiling won’t be raised this fall. He made that assurance during an appearance in his home state of Kentucky with Treasury Secretary Steven Mnuchin. The Treasury secretary had just urged Congress to raise the debt ceiling soon to ensure that the federal government will have money to pay its bills on time and “maintain the best credit.”
Maintaining good credit is the key to keeping Treasury yields steady. Mortgage bond yields tend to move in the same direction as Treasury yields, and mortgage rates move up and down with mortgage bond yields. So, by assuring bond markets that the government’s bills will be paid on time, McConnell indirectly helped keep mortgage rates steady.
MORTGAGE RATES TODAY, Tuesday, AUG. 22:
NerdWallet daily mortgage rates are an average of the published annual percentage rate with the lowest points for each loan term offered by a sampling of major national lenders. APR 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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