Interest rates for 30-year and 15-year fixed home loans, as well as 5/1 ARM rates, are all lower today, according to a NerdWallet survey of mortgage interest rates published by national lenders Wednesday morning.
Thirty-year fixed mortgage rates are at a four-week low.
The stock market turned sharply lower at today’s opening on continuing concerns swirling around the Trump administration. The latest: reports that former FBI Director James B. Comey wrote a memo detailing a conversation with President Donald Trump regarding the investigation into Michael T. Flynn, the former national security advisor. The Comey memo, as yet unreleased to the public, may present obstruction of justice concerns for President Trump.
The president is also under fire for possibly revealing classified information to Russian dignitaries in a recent Oval Office meeting.
These events are shaking Wall Street’s confidence that the Trump administration will be able to push its economic initiatives through Congress. Investors are running for cover today: selling stocks and moving assets to bonds. As bond prices rise, yields fall — so mortgage rates are moving lower as well.
But investors are fickle. A start-of-the-day sell-off can turn into an afternoon rally, taking mortgage rates in the opposite direction.
MORTGAGE RATES TODAY, WEDNESDAY, MAY 17:
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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.