The 30-year, fixed-rate mortgage rate was unchanged and rates on 15-year fixed and 5/1 ARM home loans both rose one basis point, according to a NerdWallet survey of daily mortgage rates published by national lenders Wednesday.
The 30-year fixed rate is seven basis points lower than a week ago and 27 basis points higher than one year ago. A basis point is one-hundredth of one percent.
The U.S. presidential election took place a year ago today, and the result led to an unexpected spike in mortgage rates. On Nov. 8, 2016, the rate on 30-year, fixed-rate mortgages was 3.75%. A week later it was 4.17%, having shot up 42 basis points. With mortgage rates, abrupt changes of that magnitude are rare. The 30-year fixed mortgage rate kept climbing in the weeks after the election and spent more than a week above 4.5% in December.
It has trended downward in 2017, with plenty of zigs and zags along the way. Mortgage rates have barely moved this week, which is light on the release of economic reports.
MORTGAGE RATES TODAY, WEDNESDAY, NOV. 8:
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.