Mortgage rates for 30-year fixed loans fell slightly, while 15-year fixed and 5/1 ARMs ticked a notch or two higher today, according to a NerdWallet survey of daily mortgage rates published by national lenders Wednesday morning.
It’s almost to the point where you won’t have to leave the house to buy a house. United Wholesale Mortgage has announced a “virtual e-closing” process. The loan documents are delivered electronically, and the signing is conducted via FaceTime. So far, this option is available in four states and for refinances only, but the lender has announced plans to expand to more home buyers.
Meanwhile, for those of us still pushing paper, mortgage applications were up only incrementally (0.1%) through last week, according to the Mortgage Bankers Association. In fact, overall application volume — including purchases and refinances — is 22% lower than one year ago, the MBA says.
And new home construction slipped in July, the Commerce Department reported. With 15% lower multifamily housing starts and 0.5% fewer single-family housing starts month over month, National Association of Realtors chief economist Lawrence Yun says the lack of U.S. housing supply could grow worse.
“Because of this continued shortage, expect rents and home prices to rise by at least twice as fast as the broad consumer price index,” Yun said in a release this morning.
But if you can find a house, you’ve got one big thing on your side: tame mortgage rates. Lenders seem happy to keep loan pricing about where it is, so rates are barely budging.
MORTGAGE RATES TODAY, WEDNESDAY, AUG. 16:
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 Wednesday, Aug. 16: Barely Budging originally appeared on NerdWallet.
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