Mortgage rates for 30-year and 15-year fixed loans, as well as 5/1 ARM rates, dipped slightly today, according to a NerdWallet survey of daily mortgage rates published by national lenders Wednesday morning.
Growing tension with North Korea is compelling investors to seek the safety of the bond market. As prices rise on U.S. Treasurys, yields are falling and taking mortgage rates with them. This is the first time the NerdWallet Mortgage Rate Index for 30-year fixed mortgages has fallen below 4% since June 15.
How hard is it to get a home loan? Well, business is brisk, so you may have to spend some time waiting in the lobby — or in the online customer service queue — of your favorite lender. The Mortgage Bankers Association says purchase application volume through last week is up 7% from last year. Refinancing is still generating its share of paperwork, as well, increasing 5% from the previous week.
“Mortgage rates decreased last week, which led to the highest volume of refinance applications since mid-June,” Mike Fratantoni, MBA chief economist, said in a release.
Government-backed loans, particularly VA mortgages, were primary drivers in the increase of refi applications, Fratantoni said.
MORTGAGE RATES TODAY, WEDNESDAY, AUG. 9:
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.