The average rate on the 30-year, fixed-rate mortgage went up one basis point, the 15-year fixed rose two basis points, and the 5/1 ARM dropped one basis point, according to a NerdWallet survey of daily mortgage rates published by national lenders Monday.
The 30-year fixed is the same as it was a week ago and eight basis points lower than one year ago. A basis point is one one-hundredth of one percent.
The run-up to Thanksgiving has been quiet in the bond markets, and that translates into stable mortgage rates, too. In this holiday-shortened week, there aren’t any scheduled economic reports that have the power to move mortgage rates much in either direction.
For home buyers and sellers, the most interesting data to come out this week will arrive Tuesday morning, with the October report on existing-home sales from the National Association of Realtors. The pace of home resales declined over the summer (traditionally considered a prime home buying season) before rebounding in September to an annual pace of 3.39 million dwellings. The consensus forecast calls for a small increase for October.
MORTGAGE RATES TODAY, MONDAY, NOV. 20:
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.