Average rates on the 30-year fixed, 15-year fixed and 5/1 ARM all rose by two basis points, according to a NerdWallet survey of daily mortgage rates published by national lenders Wednesday morning.
The 30-year fixed is the same as it was a week ago, and 44 basis points higher than it was one year ago.
The 30-year fixed has hovered around 4% all summer, and low mortgage rates provide a boost to home affordability. According to the Urban Institute’s Housing Finance Policy Center, the most affordable major metro area is Cleveland, followed by Cincinnati and Newark, New Jersey. To compile the ranking, the Urban Institute takes into account house prices and median family incomes. It assumes a 20% down payment and monthly payments that are 28% of median family income.
The least affordable metro areas on the list are all in California: San Francisco, followed by San Jose and Los Angeles.
MORTGAGE RATES TODAY, WEDNESDAY, SEPT. 27:
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