The average rate on a 30-year fixed-rate mortgage was unchanged, as was the 15-year fixed. The 5/1 ARM rose one basis point, according to a NerdWallet survey of daily mortgage rates published by national lenders Monday.
The 30-year, fixed-rate mortgage is four basis points lower than one week ago, and 25 basis points lower than one year ago. A basis point is one one-hundredth of one percent.
As rates remain stable, here’s something housing-related that’s moving up: Commute times. From 2012 to 2016, the average commute time increased roughly 42 seconds each way, according to the Census Bureau. Nationally, one-way travel time between home and work averaged 26.1 minutes in 2016, up from 25.4 minutes in 2012.
The longest one-way commute times were in East Stroudsburg, Pennsylvania (38.6 minutes), the New York City metro area (35.9 minutes) and the District of Columbia metro area (34.4 minutes).
Places with some of the shortest average commute times were Walla Walla, Washington (15.4 minutes), Grand Forks, North Dakota (15.5 minutes), and Great Falls, Montana (15.6 minutes).
MORTGAGE RATES TODAY, MONDAY, DEC. 11:
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.