Rates on mortgages
With Brits voting for a “Brexit” and global stock markets sinking, investors are seeking the perceived safety of U.S. bonds. The 10-year Treasury price — a proxy for mortgage rates — was moving higher in early trading this morning. But as bond prices go up, yields go down, and that means lenders will have room to lower their mortgage rates.
NerdWallet compiles annual percentage rates — lender interest rates plus fees, the most accurate way for consumers to compare rates. Here are today’s average rates for the most popular loan terms:
(Change from 6/23)
30-year fixed: 3.73% APR (-0.02)
15-year fixed: 3.07% APR (-0.04)
5/1 ARM: 3.33% APR (-0.01)
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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I agree with Michael Cheng. If you have a great credit score, stable, verifiable income, verifiable cash on hand or assets, you are a dream client. By comparison shopping, you will be able to obtain a Loan Estimate from at least three different types of lenders: Talk with the mortgage department of where you currently bank. You already have a banking relationship with them. This is a good place to start. Next, apply with a local, licensed non-bank mortgage lender. Somebody located in the town in which you live. Last, apply with a local mortgage broker.