Thirty-year and 15-year fixed rates are lower today, while 5/1 ARM rates are unchanged, according to a NerdWallet survey of mortgage rates published by national lenders Wednesday morning.
European economic concerns are driving investors into U.S. bonds, and, as a result, mortgage rates are falling. Interest rates on 15- and 30-year fixed mortgages are at their lowest point in three weeks, according to the NerdWallet Mortgage Rate Index.
Mortgage Rates Today, Wednesday, Feb. 8
(Change from 2/7)
30-year fixed: 4.32% APR (-0.06)
15-year fixed: 3.71% APR (-0.03)
5/1 ARM: 3.80% APR (NC)
More young couples embrace premarital mortgage
The prevailing theory goes: As millennials finally decide to marry and settle down, a massive generation of new homeowners will enter the market. However, the generation that hates to be generalized may actually have other plans. Buy now, marry later — if ever.
A growing number of young unmarried couples are doing just that, according to a new Zillow analysis. Nearly 15% of all home buyers between the ages of 24 and 35 in 2015 were unmarried couples, up from 11% in 2005.
In some markets, the trend is even more significant. Unmarried couples represented 16% of all young home buyers in Washington, D.C. — double the share in 2005.
>> MORE: How much home can you afford?
“Many singles looking to purchase a home on their own may not make enough money to afford or qualify for a mortgage on their dream home. That makes buying a home with a significant other even more appealing, even if marriage isn’t quite part of the picture,” Dr. Svenja Gudell, Zillow chief economist, said in a release. “Simply put, buying a home is much easier with two incomes.”
While the share of homeowners who are unmarried young couples has grown, Zillow says the share of single home buyers has fallen to 25% of all buyers between 24 and 35. That’s down from 28% in 2005.
Gudell said the unhitched homeowners trend is likely to continue, if home values continue to outpace income growth.
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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Hal Bundrick is a staff writer at NerdWallet, a personal finance website. Email: [email protected]. Twitter: @halmbundrick.
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The article Mortgage Rates Wednesday, Feb. 8: 3-Week Lows; More Young Couples Choose Mortgage Over Marriage originally appeared on NerdWallet.
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