Mortgage rates on the 30-year fixed, 15-year fixed and 5/1 ARM all went up for the second day in a row, according to a NerdWallet survey of daily mortgage rates published by national lenders Tuesday morning.
The rise in rates has come after a weekend in which the destruction wrought on U.S. soil by Hurricane Irma wasn’t as bad as forecast. Traders moved money out of bonds, a safe haven in times of turmoil, and bond yields and mortgage rates went up in response.
Home buyers and homeowners will still be able to buy flood insurance for at least another three months. After the flooding that engulfed the Houston area after Hurricane Harvey, Congress extended the National Flood Insurance Program through Dec. 8. Without the extension, the flood insurance program might not have been available to new policyholders after the end of September. Now the window is open until at least early December for homeowners who want to buy flood insurance after witnessing the damage wrought by hurricanes Harvey and Irma.
The extension was part of a package that provided an additional $15.25 billion in disaster aid.
MORTGAGE RATES TODAY, TUESDAY, SEPT. 12:
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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