Mortgage Rates Tuesday, March 14: All Up; New-Home Loan Applications, Prices Jump

Mortgage Rates, Mortgages
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Mortgage rates today were up across the board for 30- and 15-year fixed loans and 5/1 ARMs, according to a NerdWallet survey of mortgage interest rates published by national lenders on Tuesday morning.


MORTGAGE RATES TODAY, tuesDAY, MARCH 14:

(Change from 3/13)
30-year fixed: 4.58% APR (+0.04)
15-year fixed: 3.95% APR (+0.03)
5/1 ARM: 3.97% APR (+0.02)

New-home mortgage applications, prices on the rise

As the busy spring home buying and selling season soon gets underway, mortgage applications for new-home purchases are already on the rise. Applications rose 16% in February from January, and were up 2.2% compared to last year, according to new data from the Mortgage Bankers Association Builder Application Survey.

While the MBA considers the gain to be “modest,” the promising jobs report released last week indicates that we might see more demand for new homes during the rest of the year, Lynn Fisher, MBA’s vice president of research and economics, said in a news release.

“Additionally, based on the current reading, we expect seasonally adjusted new-home sales to be up by about 8% in February compared to a year ago,” Fisher said.

» MORE: How much home can you afford?

In February, there were 51,000 new-home sales — a spike of 15.9% from January’s sale of 44,000 units, according to the MBA.

Depending on your market and what kind of home you buy, you may pay more for a newly constructed home than an existing home. In fact, the average loan amount for new homes was $330,208 in February, compared to $329,806 in January, the MBA reported.

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.

Deborah Kearns is a staff writer at NerdWallet, a personal finance website. Email: dkearns@nerdwallet.com. Twitter: @debbie_kearns.