After either sliding or holding steady the past three business days, mortgage rates for 30-year fixed and 15-year fixed loans both ticked up today, while 5/1 ARMs remained unchanged, according to a NerdWallet survey of daily mortgage rates published by national lenders Tuesday morning.
While mortgage rates are headed up today, home prices are continuing their ascent. According to the CoreLogic Home Price Insights report, home prices in the United States in June increased 6.7% over June of last year. CoreLogic forecasts that home prices will continue to climb, and by June of 2018 will have risen 5.2% year over year. Meanwhile, unsold inventory is the lowest it’s been in decades, according to the report, a factor that helps account for the rising prices.
“The growth in sales is slowing down, and this is not due to lack of affordability, but rather a lack of inventory,” says Frank Nothaft, chief economist at CoreLogic, in the report. “As of Q2 2017, the unsold inventory as a share of all households is 1.9%, which is the lowest Q2 reading in over 30 years.”
MORTGAGE RATES TODAY, Tuesday, August 1:
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.
Emily Starbuck Crone is a staff writer at NerdWallet, a personal finance website. Email: firstname.lastname@example.org.