Average rates on 30-year and 15-year fixed-rate mortgages slipped one basis point each, and the 5/1 ARM was unchanged, according to a NerdWallet survey of daily mortgage rates published by national lenders.
Mortgage markets were quiet because Monday was Columbus Day.
This week’s economic calendar has a couple items of interest to mortgage shoppers. On Wednesday, the Federal Reserve will release the minutes from last month’s rate policy meeting — and bankers and investors will scrutinize them for hints about the Fed’s plans for raising short-term rates. The central bank has raised the federal funds rate four times since December 2015, and Fed Chairwoman Janet Yellen has said more rate increases are expected.
On Friday, the Consumer Price Index for September will be released. The Fed keeps a close eye on inflation as it sets interest rate policy, and observers watch the CPI for any surprises. In August, the CPI had risen 1.9% year over year, 1.7% excluding volatile food and energy prices. The Fed is shooting for a 2% inflation rate.
MORTGAGE RATES TODAY, TUESDAY, OCT. 10:
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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