How low will they go? Mortgage rates today for 30-year fixed loans fell 2 basis points, while 15-year fixed loans fell 4 basis points and 5/1 ARMs dipped by 1 basis point, according to a NerdWallet survey of mortgage interest rates published by national lenders Wednesday morning.
The trend of lower mortgage rates is likely one reason mortgage applications rose 1.5% from the previous week, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending April 7.
While refinance applications remained unchanged from the previous week, purchase applications were up 3%. Also, rising home prices helped push the average loan amount for purchase applications to $318,700 — the highest level in the survey’s 27-year history.
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.