Some lenders reduced their mortgage rates even further this morning, while others held firm. The net effect: average rates are unchanged to modestly lower. Defying predictions of looming higher interest rates, home loan pricing remains near three-year lows.
A NerdWallet survey of mortgage lenders early today shows the daily change in average mortgage rates:
Mortgage Rates: June 8, 2016
(Change from 6/7)
30-year fixed: 3.74% APR (-0.02)
15-year fixed: 3.09% APR (NC)
5/1 ARM: 3.35% APR (-0.01)
While mortgage rates continue to be favorable for buyers, only 29% of Americans believe it is a good time to buy a house, according to a Fannie Mae national survey.
“Continued home price appreciation has been squeezing housing affordability, driving a two-year downward trend in the share of consumers who think it’s a good time to buy a home,” said Doug Duncan, senior vice president and chief economist at Fannie Mae.
However, more than half (52%) of those surveyed believe it is a good time to sell a home.
Lock or float your mortgage rate?
In spite of the recent weak employment report, Duncan believes mortgage rates will remain low through the end of the year. Fannie Mae’s forecast is for 30-year fixed-rate mortgages to finish 2016 at 3.7%.
Of course, any decision to lock a mortgage rate should be based on a borrower’s risk tolerance and short- and long-term goals.
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 a more 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: hal@nerdwallet.com. Twitter: @halmbundrick.
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