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Mortgage Rates Monday: Higher, While 2018 Forecasts Are Mixed


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The average rate on the 30-year, fixed-rate mortgage increased five basis points, the 15-year fixed went up six basis points and the 5/1 ARM climbed three basis points, according to a NerdWallet survey of daily mortgage rates published by national lenders Monday.

The 30-year fixed is five basis points higher than a week ago and 10 basis points higher than one year ago. A basis point is one one-hundredth of one percent.

A year ago this week, mortgage rates were in the middle of a rapid rise after the presidential election. The 30-year fixed was above 4.5% for most of the second half of December. By April 2017, mortgage rates had fallen back below 4.25%, where they have remained.

There's a wide range of forecasts for mortgage rates in 2018. Fannie Mae predicts that the 30-year fixed will average about 4.1% by the fourth quarter of 2018, which is about where it is now. The Mortgage Bankers Association forecasts that the 30-year fixed will average 4.8% in the final three months of 2018, a rise of almost three-quarters of a percentage point.

MORTGAGE RATES TODAY, MONDAY, NOV. 13:

(Change from 11/9)
30-year fixed : 4.09% APR ( +0.05 )
15-year fixed : 3.59% APR ( +0.06 )
5/1 ARM : 4.06% APR ( +0.03 )

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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.

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Holden Lewis is a writer at NerdWallet. Email: hlewis@nerdwallet.com. Twitter: @HoldenL.

The article Mortgage Rates Monday: Higher, While 2018 Forecasts Are Mixed originally appeared on NerdWallet.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.



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