The 30-year, fixed-rate mortgage and the 15-year fixed both fell two basis points, and the 5/1 ARM was unchanged, according to a NerdWallet survey of daily mortgage rates published by national lenders Tuesday.
The 30-year fixed is 7 basis points lower than a week ago and 27 basis points higher than one year ago.
With mortgage rates about a quarter of a percentage point higher than on Election Day 2016 (52 weeks ago today), home affordability has taken a hit. Furthermore, CoreLogic now reports that 36 of the 100 largest U.S. metro areas are overvalued. In other words, home prices are at least 10% higher than what CoreLogic deems the long-term sustainable level for those markets.
Among the nation’s 10 most-populated metro areas, CoreLogic says New York City, Los Angeles, Dallas-Fort Worth, Houston, Washington, D.C., and Miami are all overvalued. Prices are normal in the housing markets in Chicago, Philadelphia, Atlanta and Boston. Believe it or not, CoreLogic says the San Francisco metro area is priced normally, neither overvalued nor undervalued.
MORTGAGE RATES TODAY, TUESDAY, NOV. 7:
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.