Mortgage Rates Thursday: Mixed, as Bidding Wars Increase

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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.


(Change from 11/8)
30-year fixed: 4.04% APR (+0.02)
15-year fixed: 3.53% APR (+0.03)
5/1 ARM: 4.03% 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.