Mortgage rates for 30-year fixed loans fell a notch, while 15-year fixed and 5/1 ARMs held firm today, according to a NerdWallet survey of daily mortgage rates published by national lenders Friday morning.
The U.S. economy is still improving but not overachieving. Today’s government report on second-quarter gross domestic product — a measure of the goods produced and services sold — met economists’ expectations.
However, though the GDP growth rate was nearly twice that of the first quarter, National Association of Realtors chief economist Lawrence Yun characterized the expansion as “unimpressive.”
“The latest 2.6% expansion is still below the long-term historical average of 3.1% and what President Trump had campaigned on,” Yun said in a release. “The missing ingredient was a pullback in new home construction.”
“America faces a housing shortage and we need more construction,” Yun added. “If this can simply be done, the economy will move up to the fast track.”
The bond market appears similarly unimpressed, shrugging off the news with little reaction. For now, most lenders are content to keep mortgage rates essentially unchanged.
MORTGAGE RATES TODAY, FRIDAY, JULY 28:
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.
Hal Bundrick is a staff writer at NerdWallet, a personal finance website. Email: firstname.lastname@example.org. Twitter: @halmbundrick.