Mortgage Rates Today, Wednesday, July 6: Chase, Citi in Race to the Bottom

Mortgage rates for 30-year loans are within steps of all-time lows and Chase and CitiMortgage are nearing the finish line. Of all major national lenders, both are within mere basis points of the national weekly average low for 30-year mortgages set in 2012. Freddie Mac reported the record rate of 3.31% (with 0.70 points) for the week ending November 21, 2012. A basis point is one-hundredth of one percent.

On average, rates inched lower again this morning on 30-year loans while other terms held steady, according to an early Wednesday morning survey of lenders by NerdWallet.

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 6, 2016

(Change from 7/5)

30-year fixed: 3.52% APR (-0.02)

15-year fixed: 2.97% APR (NC)

5/1 ARM: 3.31% APR (NC)

Compare mortgage rates

Refinance Mortgage Rates: July 5, 2016

(Change from 7/1)

30-year fixed: 3.61% APR (-0.01)

15-year fixed: 2.99% APR (NC)

5/1 ARM: 3.33% APR (NC)

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 7/6

	30-year fixed	15-year fixed	5/1 ARM
Wells Fargo	3.65% APR	2.98% APR	3.38% APR
Chase	3.33% APR	2.79% 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.