Thirty-year and 15-year fixed rates, as well as 5/1 ARM rates, are all higher today, according to a NerdWallet survey of mortgage interest rates published by national lenders Tuesday morning.
After more than a week of mostly sinking, mortgage rates rebounded and took a firm turn higher today. Investors may be adding some bond exposure to their portfolios after a rousing stock market run. The Dow Jones Industrial Average set a record high for the 12th day in a row Monday, the longest winning streak since 1987.
Mortgage Rates Today, Tuesday, Feb. 28:
U.S. home prices notch another all-time high
Homeowners are thrilled; home buyers, not so much. American housing continues to appreciate to all-time high values. The S&P CoreLogic Case-Shiller home price index has set a record high for the fourth month in a row.
Year-over-year, the index recorded a 5.8% annual gain in December 2016, up from 5.6% in November.
“Home prices continue to advance, with the national average rising faster than at any time in the last 2 1/2 years,” David M. Blitzer, chairman of the index committee at S&P Dow Jones Indices, said in a news release. “Looking at real or inflation-adjusted home prices based on the S&P CoreLogic Case-Shiller National Index and the Consumer Price Index, the annual increase in home prices is currently 3.8%. Since 1975, the average pace is 1.3%; about two-thirds of the time, the rate is between -4% and +7%. Home prices are rising, but the speed is not alarming.”
One of the main culprits behind rising home prices continues to be the lack of housing inventory for sale, Blitzer says. The national average inventory is currently a 3.6-month supply, which he says is “quite low.”
Homeowners looking to lower their mortgage rate can shop for refinance lenders here.
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, Feb. 28: Turning Higher; Record Home Prices for 4th Month in a Row originally appeared on NerdWallet.
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