Mortgage Rates Tuesday: Fixed Loans Unchanged as Home Sales Fall

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Average rates on the 30-year fixed and 15-year fixed were unchanged, and the 5/1 ARM fell by one basis point, according to a NerdWallet survey of daily mortgage rates published by national lenders Tuesday morning.

The 30-year fixed is two basis points lower than it was a week ago, and 38 basis points higher than it was one year ago.

While mortgage rates have been relatively steady since the middle of the summer, new home sales have been trending lower.

New home sales fell 3.4% from July to August, to a seasonally adjusted annual rate of 560,000 dwellings, according to the U.S. Census Bureau. That is the slowest pace of home sales since December. The bureau said new home sales fell 1.2% compared with August 2016. The bureau did not estimate the impact of Hurricane Harvey on home sales in the Houston area because it does not compile data at the state or local levels.

New homes were slightly more affordable in August. For the first time since February, half of new homes sold for less than $300,000. From March through July, the majority of new homes had sold for $300,000 or more.


(Change from 9/25)
30-year fixed: 3.99% APR (NC)
15-year fixed: 3.44% APR (NC)
5/1 ARM: 3.89% APR (-0.01)

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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Mila has been writing both opinion based articles as well as hard news for over either years both for Tutor Times as well as other reputable news organizations. Mila specializes in political news and world news.