Mortgage rates for 30-year fixed loans slipped by two basis points, while 15-year fixed loans remained the same and 5/1 ARMs jumped by three basis points, according to a NerdWallet survey of today’s mortgage interest rates published by national lenders Wednesday morning.
This is the first time we’ve seen a shift in the 5/1 ARM in the last week. Both 30-year and 15-year fixed loans are just two basis points higher than where they were one week ago.
The National Association of Realtors’ monthly existing-home sales report was released this morning, showing a 1.1% rise in sales for May. That sales pace is 2.7% higher than one year ago, according to the report. While low mortgage rates make now an appealing time to buy, the number of days homes are on the market moved lower, and median existing-home prices were up 5.8% in May year-over-year, indicating an increasingly competitive environment.
“The job market in most of the country is healthy, and the recent downward trend in mortgage rates continues to keep buyer interest at a robust level,” said Lawrence Yun, NAR chief economist, in the report. “Listings in the affordable price range are scarce, homes are coming off the market at an extremely fast pace, and the prevalence of multiple offers in some markets [is] pushing prices higher.”
MORTGAGE RATES TODAY, WEDNESDAY, JUNE 21:
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.
Emily Starbuck Crone is a staff writer at NerdWallet, a personal finance website. Email: firstname.lastname@example.org.