Mortgage rates for 30-year and 15-year fixed, as well as 5/1 ARMs, all stepped higher today, according to a NerdWallet survey of current mortgage rates published by national lenders Wednesday morning.
Overall home loan applications completed during the week ending April 21 rose 2.7% and refinance volume gained 7% week-over-week, according to the Mortgage Bankers Association. Low rates fueled the loan activity. However, mortgage application volume was 18% lower than the same week one year ago.
A booming spring home sales season is no sure thing: Since last week’s MBA survey, mortgage rates have crept higher.
“Home prices are climbing faster than incomes, and affordable and starter homes are few and far between,” Joseph Kirchner, senior economist for Realtor.com said in a statement. “This is going to keep many would-be buyers on the sidelines.”
MORTGAGE RATES TODAY, WEDNESDAY, APRIL 26:
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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.