The 30-year, fixed-rate mortgage rate was unchanged and rates on 15-year fixed and 5/1 ARM home loans both rose one basis point, according to a NerdWallet survey of daily mortgage rates published by national lenders Wednesday.
The 30-year fixed rate is 7 basis points lower than a week ago and 27 basis points higher than one year ago. A basis point is one-hundredth of one percent.
The U.S. presidential election took place a year ago today, and the result led to an unexpected spike in mortgage rates. On Nov. 8, 2016, the rate on 30-year, fixed-rate mortgages was 3.75%. A week later it was 4.17%, having shot up 42 basis points. With mortgage rates, abrupt changes of that magnitude are rare. The 30-year fixed mortgage rate kept climbing in the weeks after the election and spent more than a week above 4.5% in December.
It has trended downward in 2017, with plenty of zigs and zags along the way. Mortgage rates have barely moved this week, which is light on the release of economic reports.
MORTGAGE RATES TODAY, WEDNESDAY, NOV. 8:
(Change from 11/7)
30-year fixed: 4.02% APR (NC)
15-year fixed: 3.50% APR (+0.-01)
5/1 ARM: 4.04% APR (+0.-01)
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.
More From NerdWallet
The article Mortgage Rates Wednesday: Quiet on Election Anniversary originally appeared on NerdWallet.
Realty Solutions Group was built around a simple but elusive concept: provide brokers and clients with the highest level of service in the industry through cutting-edge sales, marketing programs and a culture that values innovation, relationships and a strong local focus.
In less than 5 years, Realty Solutions Group is among the top independent brokerage firms in S/E Wisconsin.
As a locally-owned, independent company, Realty Solutions Group is deeply committed to supporting the communities and clients we serve. We are constantly evolving, but remain focused on that one simple idea behind our founding.
We are a full service brokerage with discounted commissions. We offer no long term listing contracts, a Performance Guarantee, Smart Seller Program and a Communication Guarantee. Contact us today and let us provide you with the very best real estate experience.
Powered by WPeMatico