Interest rates for 30-year and 15-year fixed home loans fell, while 5/1 ARM rates were unchanged today, according to a NerdWallet survey of current mortgage rates published by national lenders Monday morning.
Given the sudden rise in interest rates after the November presidential election, followed by two hikes in short-term interest rates by the Federal Reserve, many analysts expected mortgage rates to continue rising through the end of 2017. But six months later, rates are where they were in mid-November — and a quarter point below their highs of mid-March.
That’s a great place to be for prime-time home buying season. Rates have been mostly tame for six weeks now, and there seems to be little on the near-term economic report schedule to change that.
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.