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Mortgage Rates Today, Jan. 3: Up Slightly; Home Prices to Rise in 2017

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With 2017 upon us, mortgage rates reversed their downward trend by rising slightly. Thirty-year fixedand 5/1 ARMs were both up, while 15-year fixed loans remained unchanged Tuesday,according to a NerdWalletsurvey of mortgage rates published by national lendersthis morning.

Mortgage Rates Today,
Tuesday, January 3

(Change from 12/30/16)
30-year fixed: 4.38% APR (+0.01)
15-year fixed: 3.80% APR (NC)
5/1 ARM: 3.87% APR (+0.02)

CoreLogic: Home prices set to increase this year

The housing market saw a year of strong home price growth, and that’s setting the stage for even more increases in the year ahead.

National home prices increased 7.1% year-over-year in November 2016, according to the latest CoreLogic Home Price Index Report. Prices also rose month-over-month, with a 1.1% climb in November 2016.

Overall, home prices have risen 44% since bottoming out in March 2011 and are expected to increase 4.7% from November 2016 to November 2017, according to the report. That could add another obstaclefor homebuyers who are already facing higher mortgage rates and inventory shortages in many U.S. housing markets.

While CoreLogic reported that home prices have increased on a year-over-year basis every month since February 2012, prices are still 4.1% below the April 2006 peak. Butthat could changethis year.

» MORE:5 tips for finding the best mortgage lenders

“Home prices continue to march higher, with home prices in 27 states above their pre-crisis peak levels,” Anand Nallathambi, president and CEO of CoreLogic, said in a news release. “Nationally, the CoreLogic Home Price Index remains 4% below its April 2006 peak but should surpass that peak by the end of 2017.”

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Homeowners looking to lower their mortgage rate can shop for refinance lenders here.

NerdWallet daily mortgage rates are an average of the published APR with the lowest points for each loan term offeredby a sampling of major national lenders. Annual percentage rate quotes reflect an interest rate plus points, fees and other expenses, providingthe most accurate view of the costsa borrower might pay.

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Deborah Kearns is a staff writer at NerdWallet, a personal finance website. Email: dkearns@nerdwallet.com. Twitter: @debbie_kearns.

The article Mortgage Rates Today, Jan. 3: Up Slightly; Home Prices to Rise in 2017 originally appeared on NerdWallet.