Mortgage Rates Wednesday, May 3: A Little Wiggle; Awaiting Word From Fed

Mortgage Rates, Mortgages
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Mortgage rates for 30-year fixed loans ticked lower, 15-year fixed rates moved slightly higher, and 5/1 ARMs slipped a notch, according to a NerdWallet survey of mortgage rates published by national lenders Wednesday morning.

Today’s Federal Reserve announcement regarding short-term interest rates should be a non-event. Fed futures and market analysts are expecting the next interest rate hike in June, at the earliest. If the Fed makes a surprise announcement and raises rates this afternoon, all bets are off — no telling how the bond market might react.

More likely, assuming the Fed stands pat, analysts will be scouring the Fed statement for a change in language, any hint of a modification to monetary policy going forward.

Friday’s U.S. employment report is the next expected economic event that could budge mortgage rates significantly.


MORTGAGE RATES TODAY, WEDNESDAY, MAY 3:

(Change from 5/2)
30-year fixed: 4.17% APR (-0.01)
15-year fixed: 3.55% APR (+0.02)
5/1 ARM: 3.81% APR (-0.01)


» MORE: How much home can you afford?

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.

More from NerdWallet
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Refinance calculator

Hal Bundrick is a staff writer at NerdWallet, a personal finance website. Email: hal@nerdwallet.com. Twitter: @halmbundrick.