Mortgage Rates Tuesday, Feb. 7: Slipping Lower; More Americans Are Financially Optimistic

Mortgage Rates, Mortgages
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Thirty-year fixed rates are lower today, 15-year fixed rates are unchanged, while 5/1 ARM rates are down slightly, according to a NerdWallet survey of mortgage rates published by national lenders Tuesday morning.

If there is one thing missing from mortgage interest rates, it’s a trend. Since Jan. 19, fixed loan rates have only wiggled — up a few basis points one day, down the next. Adjustable rate mortgages have been even more tranquil for more than a month.

Of course, no trend is better than an upward trend, and home buyers wondering when to lock their rates have had little to reason to fret. Barring unexpected events, there seems to be little on the horizon to move rates drastically anytime soon.


Mortgage Rates Today, Tuesday, Feb. 7

(Change from 2/6)
30-year fixed: 4.38% APR (-0.04)
15-year fixed: 3.74% APR (NC)
5/1 ARM: 3.80% APR (-0.02)

More Americans financially optimistic

Despite higher mortgage interest rates and a belief that home prices will continue to rise, Americans are optimistic regarding their financial future. The Fannie Mae Home Purchase Sentiment Index, released Tuesday morning, finds surveyed consumers with more confidence that they’ll keep their jobs and make more money.

>> MORE: Calculate your monthly mortgage payment

“Three months after the presidential election, measures of consumer optimism regarding personal financial prospects and the economy are at or near the highest levels we’ve seen in the nearly seven-year history of the National Housing Survey,” Doug Duncan, chief economist at Fannie Mae, said in a release.

According to the survey, the proportion of Americans who believe:

  • Now is a good time to sell a house is 15% (up 2% in January over December).
  • Now is a good time to buy a house is 29% (down 3%).
  • Home prices will go up is 42% (up 7%).
  • Their household income is significantly higher than 12 months ago is 15% (up 5%).

However, if Americans’ expectations are met, buying a home could become increasingly difficult this year.

“If consumers’ anticipation of further increases in home prices and mortgage rates materialize over the next 12 months, then we may see housing affordability tighten even more,” Duncan added.

Homeowners looking to lower their mortgage rate can shop for refinance lenders here.

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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Hal Bundrick is a staff writer at NerdWallet, a personal finance website. Email: hal@nerdwallet.com. Twitter: @halmbundrick.

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