The 30-year fixed-rate mortgage was unchanged, while the 15-year fixed rate rose four basis points and the 5/1 ARM fell by one basis point, according to a NerdWallet survey of daily mortgage rates published by national lenders Wednesday morning.
Fixed mortgage rates dipped last week to their lowest levels since November 2016 but have begun to rise this week. Lots of borrowers took advantage of last week’s rates, as applications for home loans went up 9.9% compared with the previous week, according to the Mortgage Bankers Association. Purchase applications rose 11%, while refinance volume was up 9% compared with the previous week. The MBA’s latest weekly report uses statistical adjustments to take the Labor Day holiday into account.
In a more apples-to-apples comparison, without seasonal adjustments, purchase loan applications were 7% higher than the same week one year ago.
The MBA also reported that monthly loan applications for brand-new homes rose 7% in August. More than one-third of new-home applications were for dwellings in Florida and Texas, so it’s hard to say at the moment what the impact on new-home sales will be after hurricanes Harvey and Irma devastated large portions of those states. The average loan size for a new home was $334,940.
MORTGAGE RATES TODAY, WEDNESDAY, SEPT. 13:
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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