Mortgage rates for 30-year fixed, 15-year fixed and 5/1 ARMs all crept higher today, according to a NerdWallet survey of mortgage interest rates published by national lenders Friday morning.
So far, all is quiet on the domestic front, so world events are about the only thing to steer the bond market today. British Prime Minister Theresa May’s call for a “snap” election worked against her plan to solidify a political consensus. Now, with unexpected election results, uncertainty is rocking the United Kingdom.
With discussion of terms for the U.K.’s exit from the European Union looming, May is working to patch together some kind of political capital. So far the bond market is still deciding how to react. Yields on 10-year Treasurys, which often mirror the movements of long-term mortgage rates, were slightly higher in early trading Friday.
Matthew Graham, analyst at Mortgage News Daily, believes pressure is mounting for mortgage rates to move higher, and borrowers may be best served by locking their interest rate.
“Floating is getting incrementally riskier,” Graham wrote in an analysis Thursday afternoon. “If you choose to float, make sure you have a plan in place with your loan originator as to the circumstances under which you’d like to lock.”
MORTGAGE RATES TODAY, FRIDAY, JUNE 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.
Hal Bundrick is a staff writer at NerdWallet, a personal finance website. Email: [email protected] Twitter: @halmbundrick.
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