The average rate on a 30-year fixed-rate mortgage rose two basis points, the average 15-year fixed-rate climbed three basis points and the average rate on the 5/1 ARM went up one basis point, according to a NerdWallet survey of daily mortgage rates published by national lenders Tuesday.
The 30-year fixed-rate mortgage is two basis points lower than one week ago, and 30 basis points lower than one year ago. A basis point is one one-hundredth of one percent.
Fewer people face foreclosure than a year ago, according to CoreLogic, a data provider for the real estate industry. About 0.6% of mortgaged houses were in foreclosure at the end of September, compared with 0.8% a year earlier, CoreLogic said. To put it in more concrete terms, the foreclosure rate went from about 4 in 500 houses last year to about 3 in 500 houses this year.
The percentage of homeowners who are 30 or more days past due on their mortgage payments has gone down, too. It was 5% at the end of September, compared with 5.2% a year earlier. CoreLogic attributed the improvement to strong job growth and prudent mortgage underwriting.
MORTGAGE RATES TODAY, TUESDAY, DEC. 12 :
(Change from 12/11)
30-year fixed : 4.08% APR ( +0.02 )
15-year fixed : 3.63% APR ( +0.03 )
5/1 ARM : 4.20% APR ( +0.01 )
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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 Tuesday: Higher, but With Fewer Foreclosures 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.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
