The average rate on a 30-year fixed-rate mortgage dropped one basis point, the rate for the 15-year fixed fell two basis points and the 5/1 ARM declined one basis point, according to a NerdWallet survey of daily mortgage rates published Wednesday by national lenders.
The average rate on the 30-year fixed has risen five basis points in one week, but it is five basis points lower than one year ago. A basis point is one one-hundredth of one percent.
The 30-year fixed averaged 4.26% in January. That’s the highest monthly average since March 2017, when the 30-year averaged 4.41%.
MORTGAGE RATES TODAY, WEDNESDAY, JAN. 31:
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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