Mortgage Rates Tuesday, May 2: Small Moves; Fed Expected to Wait

Mortgage Rates, Mortgages
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Mortgage rates for 30-year fixed loans moved higher, while 15-year fixed-rates ticked down and 5/1 ARMs were unchanged, according to a NerdWallet survey of mortgage interest rates published by national lenders Tuesday morning.

Several events on the horizon could move interest rates in one direction or the other. Tomorrow’s Federal Reserve announcement regarding short-term interest rates would be one. Market analysts aren’t looking for higher rates this month, and the Fed likes to have market expectations baked into interest rate moves, so a surprise rate hike is unlikely.

The U.S. employment report Friday and the French presidential run-off election this weekend could be the next developments to impact the bond market.

For nearly a month, mortgage rates have been on spring break — moving sideways on a mostly smooth road, with small hills and valleys along the way.


MORTGAGE RATES TODAY, TUESDAY, MAY 2:

(Change from 5/1)
30-year fixed: 4.18% APR (+0.02)
15-year fixed: 3.53% APR (-0.01)
5/1 ARM: 3.82% APR (NC)


» MORE: How much home can you afford?

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.