Fixed-rate mortgage terms are steeply discounted and approaching historic levels. After another round of cuts this morning, mortgage rates on 30-year terms are near all-time lows while 15-year home loans are now below 3%, according to an early Tuesday survey of major national lenders.
The NerdWallet Mortgage Rate Index compiles annual percentage rates — lender interest rates plus fees — the most accurate way for consumers to compare rates. Here are today’s average rates for the most popular loan terms:
Purchase Mortgage Rates: July 5, 2016
(Change from 7/1)
30-year fixed: 3.54% APR (-0.04)
15-year fixed: 2.99% APR (-0.01)
5/1 ARM: 3.31% APR (-0.01)
Refinance Mortgage Rates: July 5, 2016
(Change from 7/1)
30-year fixed: 3.62% APR (-0.05)
15-year fixed: 3.01% APR (-0.01)
5/1 ARM: 3.33% APR (-0.01)
Homeowners looking to lower their mortgage rate can shop for refinance lenders here.
Wells Fargo, Chase and BOA mortgage rates
Three major components of the NerdWallet Mortgage Rate Index are leading lenders Wells Fargo, Chase and Bank of America. Their current purchase mortgage rates are:
Bank Mortgage Rates 7/5
| 30-year fixed | 15-year fixed | 5/1 ARM | |
|---|---|---|---|
| Wells Fargo | 3.66% APR | 3.04% APR | 3.38% APR |
| Chase | 3.34% APR | 2.80% APR | 3.32% APR |
| Bank of America | 3.52% APR | N/A | 3.26% APR |
NerdWallet daily mortgage rates are an average of the lowest published APR for each loan term offered by a sampling of major national lenders. Annual percentage rate quotes reflect an interest rate plus points, fees and other expenses, providing the most accurate view of the costs a borrower might pay.
Hal Bundrick is a staff writer at NerdWallet, a personal finance website. Email: hal@nerdwallet.com. Twitter: @halmbundrick.
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