In a sharp upward turn, 30- and 15-year fixed mortgage rates rose by four basis points each today, while 5/1 ARMs remained unchanged, according to a NerdWallet survey of mortgage rates published by national lenders Wednesday morning.
MORTGAGE RATES TODAY, WEDNESDAY, FEB. 15
Quicken Loans: Appraised values lower than homeowners’ estimates
Homeowners can sometimes have an inflated estimate of their home’s value, especially when they’re trying to refinance. And new data from Quicken Loans show many homeowners are overestimating what their homes are worth.
Appraiser opinions were 1.47% less than what owners expected in January, according to Quicken Loans’ National Home Price Perception Index, or HPPI, which compares the estimate a homeowner supplies on a refinance mortgage application to the appraisal conducted later in the lending process.
It’s the second consecutive month that the HPPI showed a gap between homeowners’ assumptions of their home’s worth and its actual appraised value. Overall, appraisal values in January stayed mostly flat, slipping only 0.34% month-over-month, according to Quicken Loans. The estimates increased 3.93% year-over-year.
“Accurate expectations at the onset of the mortgage process not only makes it smoother, but can prevent unexpected changes in the amount of funds to bring to the closing table if the appraised value comes in lower than initially estimated,” Bob Walter, chief economist at Quicken Loans, said in a news release.
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.