Mortgage rates for 30-year and 15-year fixed home loans, as well as 5/1 ARMs, are all lower today, according to a NerdWallet survey of mortgage rates published by national lenders Wednesday morning.
Mortgage applications took a sharp drop last week, though the Fourth of July holiday certainly played a part. The Mortgage Bankers Association says purchase loan paperwork fell by 3% from a week earlier, while refinance applications slid by 13%, for the week ending July 7.
“Rates continued to increase last week, given increasing evidence that the Fed and other central banks are more likely to raise rates given the pickup in economic growth in their respective economies,” Mike Fratantoni, MBA chief economist, said in a release.
The MBA says loan applications hit a 2017 high in mid-June, but mortgage interest rates have stepped higher since then.
MORTGAGE RATES TODAY, WEDNESDAY, JULY 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.
Hal Bundrick is a staff writer at NerdWallet, a personal finance website. Email: email@example.com. Twitter: @halmbundrick.