Mortgage rates are lower again today, particularly for 30-year loans, which have fallen for eight of the last nine workdays. In fact, 30-year mortgages are down more than one-third of a point since May 26 and two major lenders — Chase and CitiMortgage — are within fractions of posting loan rates equal to the national weekly average record low for 30-year mortgages set in 2012.
As a result, home loan volume is soaring. The Mortgage Bankers Association reports mortgage applications rose 14.2% over the previous week, in a survey ending July 1.
“Interest rates continued to drop last week as markets assessed the impact of Brexit, downgrading the likelihood of additional rate hikes by the Fed, and mortgage rates for 30-year conforming loans dropped to their lowest level in over 3 years,” Mike Fratantoni, MBA’s chief economist, said in a release. “In response, refinance application volume jumped almost 21% last week to its highest level since January 2015.”
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 7, 2016
(Change from 7/6)
30-year fixed: 3.50% APR (-0.02)
15-year fixed: 2.95% APR (NC)
5/1 ARM: 3.31% APR (NC)
Refinance Mortgage Rates: July 7, 2016
(Change from 7/6)
30-year fixed: 3.60% APR (NC)
15-year fixed: 2.96% 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 7/7
| 30-year fixed | 15-year fixed | 5/1 ARM | |
|---|---|---|---|
| Wells Fargo | 3.65% APR | 2.94% APR | 3.38% APR |
| Chase | 3.32% APR | 2.79% APR | 3.31% APR |
| Bank of America | 3.42% 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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