Mortgage Rates Wednesday, May 31: Holding at Half Their Historical Average

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

Yesterday’s economic reports were essentially a non-event. The news was mixed: a little good, a little not-so-good, but all in all pretty much as expected. It was only enough to nudge fixed loans down a fraction. Friday’s U.S. employment report is the next scheduled gauge of the domestic economy of major significance.

For homeowners, no news is good news. Mortgage rates continue to drift sideways, holding on to 2017 lows. Thirty-year fixed mortgage rates near 4% — even lower at some lenders — are just about as good as they get. That’s half their 44-year historical average of 8%.

Interest rates on home loans are not the problem for home buyers these days. In many parts of the country, a continued lack of home inventory remains the barrier to homeownership.

MORTGAGE RATES TODAY, WEDNESDAY, MAY 31:

(Change from 5/30)
30-year fixed: 4.06% APR (-0.02)
15-year fixed: 3.45% APR (-0.02)
5/1 ARM: 3.81% APR (NC)


» 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.

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

A previous version of this article misstated the 30-year fixed rate as 4.08%. This article has been corrected.