The average rate on a 30-year fixed-rate mortgage fell 10 basis points from late December, the rate for the 15-year fixed fell eight basis points and the 5/1 ARM went up one basis point, according to a NerdWallet survey of daily mortgage rates published by national lenders Tuesday.
A basis point is one one-hundredth of one percent.
MORTGAGE RATES TODAY, TUESDAY, JAN. 2:
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.