The average rate for a 30-year fixed-rate mortgage rose one basis point, the 15-year fixed fell one basis point, and the 5/1 ARM was unchanged, according to a NerdWallet survey of daily mortgage rates published by national lenders Tuesday morning.
The 30-year fixed is almost unchanged from four weeks ago, but up 34 basis points compared with one year ago, when it averaged 3.67%.
Rising mortgage rates over the last year have been accompanied by a mild growth in home construction. Housing permits were up in August, according to the U.S. Census Bureau. Local governments issued permits for homes at a seasonally adjusted annual rate of 1.3 million dwellings in August, up 8.3% from August 2016 and up 5.7% compared with July 2017.
Housing starts were little changed month-over-month and year-over-year. As for housing completions, the trend is clear: They’re up. From January through August this year, builders completed 740,500 homes — a 10.7% increase over the first eight months of 2016.
MORTGAGE RATES TODAY, TUESDAY, SEPT. 19:
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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