Mortgage rates for 30-year and 15-year fixed home loans, as well as 5/1 ARMs, rose today, according to a NerdWallet survey of daily mortgage rates published by national lenders Tuesday morning.
The bond market is responding to a better-than-expected retail sales report for the month of July. The results exceeded economists’ forecasts and were enough to nudge government securities a bit higher. An important driver for the economy, retail sales have been soft so far this year, but today’s report showed the biggest increase in seven months.
Rates on 30-year fixed mortgages rebounded to over 4%, snapping a four-day sub-4% streak.
But there may be some good news for future home buyers: Builder confidence is rising, according to a new survey from the National Association of Home Builders.
“Our members are encouraged by rising demand in the new-home market,” Granger MacDonald, NAHB chairman, said in a release. “This is due to ongoing job and economic growth, attractive mortgage rates and growing consumer confidence.”
A lack of home inventory has plagued prospective buyers recently, with new home construction lagging demand.
“The fact that builder confidence has returned to the healthy levels we saw this spring is consistent with our forecast for a gradual strengthening in the housing market,” Robert Dietz, NAHB chief economist, added.
MORTGAGE RATES TODAY, TUESDAY, AUG. 15:
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 Tuesday, Aug. 15: Higher on Rallying Retail Sales originally appeared on NerdWallet.
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