The average rate on the 30-year, fixed-rate mortgage rose two basis points, the 15-year fixed increased three basis points and the 5/1 ARM bumped up one basis point, according to a NerdWallet survey of daily mortgage rates published by national lenders Tuesday.
The 30-year fixed is nine basis points higher than a week ago and just one basis point higher than one year ago. A basis point is one one-hundredth of one percent.
As mortgage rates have returned to where they were one year ago, the economy has expanded, with a net increase in jobs each month over the last year. Mortgage delinquencies have fallen at the same time. About one in 22 mortgages, or 4.6%, were at least 30 days past due in August, according to CoreLogic. That’s an improvement compared to August 2016, when about one in 19 mortgages, or 5.2%, were delinquent.
Serious delinquencies (mortgages that are 90 or more days past due) were down in 48 states year over year, according to CoreLogic. The exceptions were two states where oil and gas extraction are economic mainstays. The serious delinquency rate in North Dakota was unchanged at one in 111 homes (0.9%). It went up in Alaska, from one in 100 homes in August 2016 to one in 91 homes in August 2017 (1.1%).
MORTGAGE RATES TODAY, TUESDAY, NOV. 14:
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.