The 30-year, fixed-rate mortgage rate rose two basis points, the rate on the 15-year fixed climbed three basis points and the rate on 5/1 ARMs fell one basis point, according to a NerdWallet survey of daily mortgage rates published by national lenders Thursday.
The 30-year fixed rate is four basis points lower than a week ago and 25 basis points higher than one year ago. A basis point is one-hundredth of one percent.
Mortgage rates have been relatively stable all week in the absence of market-moving economic data.
The median age of first-time home buyers remains stable, according to a 2017 survey by the National Association of Realtors. For the second year in a row, the typical first-time buyer was 32 years old. First-timers paid more money in 2017 than last year (a median of $190,000 versus $182,500 in 2016), for a slightly smaller home (1,640 square feet compared with 1,650 last year).
Also, 42% of buyers paid list price or higher for their homes in 2017, up from 40% in 2016. Buyers in “the affordable price range” find themselves in competition with other would-be buyers, so they make offers above asking price, Lawrence Yun, the NAR’s chief economist, said in a news release.
MORTGAGE RATES TODAY, THURSDAY, NOV. 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.