Mortgage rates today were unchanged. Thirty-year fixed, 15-year fixed and 5/1 ARM rates remained steady, according to a NerdWallet survey of current mortgage rates published by national lenders Tuesday morning.
Tomorrow, the Federal Reserve will announce its decision regarding short-term interest rates. Most Wall Street analysts are expecting the Fed to delay any further hikes in interest rates until later this year.
While calm today, mortgage rates have been volatile lately. After the Fed’s announcement tomorrow, the Labor Department’s jobs report to be issued on Friday will likely provide the next motivation for substantive rate movement.
Home prices hit all-time high for third month in a row
A leading measure of national home prices has hit an all-time high for the third consecutive month. The S&P CoreLogic Case-Shiller National Home Price Index reported a 5.6% annual gain in Nov. 2016, fueled by low interest rates and an improving economy.
“With the S&P CoreLogic Case-Shiller National Home Price Index rising at about 5.5% annual rate over the last two and a half years and having reached a new all-time high recently, one can argue that housing has recovered from the boom-bust cycle that began a dozen years ago,” David M. Blitzer, managing director at S&P Dow Jones Indices, said in a release.
For the 10th month in a row, Seattle, Portland and Denver notched the highest year-over-year price gains among the 20 cities surveyed.
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.