Mortgage rates for 30-year fixed-rate home loans fell by two basis points, the 15-year fixed dropped by three basis points and the 5/1 ARM fell by one, according to a NerdWallet survey of daily mortgage rates published by national lenders Wednesday morning.
As recently as Aug. 25, the average rate on the 30-year fixed was 4% APR, and it has remained below 4% in the days since.
The decline in rates has been met by an upward tick in mortgage applications. Applications were up 3.3% in the week ending Sept. 1 compared with the previous week, according to the Mortgage Bankers Association. Refinancers accounted for 50.9% of applicants, the highest share since January 2017. And applications from home buyers were 5% higher than at this time last year.
MORTGAGE RATES TODAY, WEDNESDAY, SEPT. 6:
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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