Mortgage rates for 30-year fixed loans held steady, while 15-year fixed loans ticked higher and 5/1 ARMs were unchanged, according to a NerdWallet survey of mortgage interest rates published by national lenders Tuesday morning.
The remarkable recent period of calm mortgage rates may be coming to an end soon. With President Trump back in Washington, politics may boil over into the stock and bond markets again. And this short workweek also comes loaded with a number of economic scorecards, including the monthly jobs report on Friday.
Already today, a measure of consumer spending met expectations, posting solid gains for April. U.S. household incomes were also up. Remember, good news for the economy is usually bad news for mortgage rates. As lenders keep an eye on these reports, signs of continued economic growth may cause mortgage rates to rise. On the other hand, disappointing news — or political mayhem — can move mortgage rates lower.
MORTGAGE RATES TODAY, TUESDAY, MAY 30:
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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, May 30: Mostly Steady; Economic Reports Looming originally appeared on NerdWallet.
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