Thirty-year fixed mortgage rates are up, 15-year home loan rates are lower and 5/1 ARM rates are unchanged Thursday, according to a NerdWallet survey of mortgage rates published by national lenders this morning.
A Federal Reserve economic analysis released Wednesday said modest growth through late August is tempering the threat for inflation. That may give the Fed enough reason to delay a hike in short-term interest rates later this month. As a result, mortgage rates may see little movement in the coming weeks.
Mortgage rates lower for the week
Mortgage rates dipped this week after an economic report sparked concerns regarding the nation’s soft service economy, which motivated investors to buy into the bond market. Generally, 30-year fixed mortgage rates are back to where they were in mid-August — but well up from their early-July lows.
“The 30-year fixed-rate mortgage fell 2 basis points to 3.44% this week. As mortgage rates continue to range between 3.41% and 3.48%, many are taking advantage of the historically low rates by refinancing,” Sean Becketti, chief economist for Freddie Mac, said in a news release. “Since the Brexit vote, the refinance share of mortgage activity has remained above 60%.”
The NerdWallet Mortgage Rate Index compiles annual percentage rates — lender interest rates plus fees, the most accurate way for consumers to compare rates. Here are today’s average rates for the most popular loan terms:
Mortgage Rates: Sept. 8, 2016
(Change from 9/7)
30-year fixed: 3.60% APR (+0.02)
15-year fixed: 3.05% APR (-0.02)
5/1 ARM: 3.50% APR (NC)
Homeowners looking to lower their mortgage rate can shop for refinance lenders here.
NerdWallet daily mortgage rates are an average of the published APR with the lowest points for each loan term offered by a sampling of major national lenders. Annual percentage rate quotes reflect an interest rate plus points, fees and other expenses, providing the most accurate view of the costs a borrower might pay.