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Mortgage Rates Tuesday: Higher, but With Fewer Foreclosures

Mortgage Rates, Mortgages
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The average rate on a 30-year fixed-rate mortgage rose two basis points, the average 15-year fixed-rate climbed three basis points and the average rate on the 5/1 ARM went up one basis point, according to a NerdWallet survey of daily mortgage rates published by national lenders Tuesday.

The 30-year fixed-rate mortgage is two basis points lower than one week ago, and 30 basis points lower than one year ago. A basis point is one one-hundredth of one percent.

Fewer people face foreclosure than a year ago, according to CoreLogic, a data provider for the real estate industry. About 0.6% of mortgaged houses were in foreclosure at the end of September, compared with 0.8% a year earlier, CoreLogic said. To put it in more concrete terms, the foreclosure rate went from about 4 in 500 houses last year to about 3 in 500 houses this year.

The percentage of homeowners who are 30 or more days past due on their mortgage payments has gone down, too. It was 5% at the end of September, compared with 5.2% a year earlier. CoreLogic attributed the improvement to strong job growth and prudent mortgage underwriting.


(Change from 12/11)
30-year fixed: 4.08% APR (+0.02)
15-year fixed: 3.63% APR (+0.03)
5/1 ARM: 4.20% APR (+0.01)

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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