The average rate on a 30-year fixed-rate mortgage was unchanged, the 15-year fixed rate went up two basis points and the 5/1 ARM rose one basis point, according to a NerdWallet survey of daily mortgage rates published by national lenders Tuesday.
The 30-year, fixed-rate mortgage is six basis points higher than one week ago, and 24 basis points lower than one year ago. A basis point is one one-hundredth of one percent.
Mortgage rates have gone down compared to a year ago, but home prices have gone the other direction. Nationally, home prices surged 7% in the 12 months ending in October, according to CoreLogic’s latest Home Price Insights report. It was the fourth month in a row in which year-over-year home price appreciation exceeded 6%, CoreLogic said. “This escalation in home prices reflects both the acute lack of supply and the strengthening economy,” said Frank Nothaft, CoreLogic chief economist, in a news release.
The real-estate data company forecasts that home appreciation will slow to 4.2% in the 12 months ending in October 2018.
MORTGAGE RATES TODAY, TUESDAY, DEC. 5:
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.