The 30-year fixed-rate mortgage plunged six basis points, the 15-year fixed fell seven basis points, and the 5/1 ARM dropped two basis points, according to a NerdWallet survey of daily mortgage rates published by national lenders Monday.
This marks a continuation of volatile rate movement from last week, when the average 30-year rose and fell and rose again, ending the week nine basis points higher than where it began. Today’s 30-year is three basis points higher than a week ago, and is 36 basis points higher than a year ago.
This week has at least two events that could affect mortgage rates. On Wednesday, the Federal Reserve will announce its latest monetary policy strategy. Investors doubt the Fed will raise short-term interest rates at this meeting, but observers will read the central bank’s statement closely to glean clues about the future course of interest rates.
On Friday, the Department of Labor will release employment data for October, including the unemployment rate and nonfarm payrolls, which count the net number of jobs created during the month. The employment report is a gauge of the overall health of the economy, so it sometimes influences mortgage rates.
MORTGAGE RATES TODAY, MONDAY, OCT. 30:
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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The article Mortgage Rates Monday: Down Sharply originally appeared on NerdWallet.
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