Mortgage rates for 30-year and 15-year fixed-rate home loans fell two basis points and the 5/1 ARM fell by one basis point, according to a NerdWallet survey of daily mortgage rates published by national lenders Tuesday morning.
Rates dropped after the markets had a long weekend to mull over the employment report for August, which was released Friday. Employment and wages were up, but they grew more slowly than expected.
And over the weekend, North Korea announced that it had tested its most powerful nuclear weapon so far. Investors responded again by buying bonds, which are seen as safer investments than stocks. Bond prices went up and yields went down this morning, and mortgage rates accompanied the bond yields downward.
The economic highlight of the week comes Wednesday, with the release of the Federal Reserve's Beige Book, a snapshot of how the economy is performing across the country. That, in turn, could provide some insight into what the Fed might do in coming months regarding interest rate policy. However, international events have the potential to move mortgage rates more than economic news this week.
MORTGAGE RATES TODAY, TUESDAY, SEPT. 5:
(Change from 9/1)
30-year fixed : 3.91% APR ( -0.02 )
15-year fixed : 3.33% APR ( -0.02 )
5/1 ARM : 3.84% 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, Sept. 5: Down Across the Board 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.
