Thirty-year fixed and 15-year fixed mortgage rates were unchanged, while 5/1 ARM rates moved a couple of ticks lower Thursday, according to a NerdWallet survey of mortgage rates published by national lenders this morning.
Though rates are calm today, they have climbed higher over the past week.
“A jump last week in the PCE — the price index tracked most closely by the Fed — raised the prospect that inflation might not be completely dead after all,” Sean Becketti, chief economist for Freddie Mac, said in an analysis. “Investors reacted by driving the yield on the 10-year Treasury to its highest point since June.”
As a result, Becketti said, average mortgage rates for the week ending Nov. 3 registered their biggest increase in over six months.
With mortgage interest rates clinging to near all-time lows, it has been an opportune time to buy in so many U.S. markets. It has also been a profitable time to sell. Homeowners who sold their houses in the third quarter of 2016 realized the biggest gains since 2007, based on national averages compiled by ATTOM Data Solutions.
Homes sold for an average $43,000 above their purchase price — a 23% average price gain since purchase, according to the just-released report.
Of the 118 metro areas having at least 1,000 single-family and condo sales in the third quarter, the highest price gains since purchase were registered in San Jose, California (68%); San Francisco (67%); Portland, Oregon (51%); Seattle (51%); and Los Angeles (49%).
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 offered by a sampling of major national lenders. Annual percentage rate quotes reflect an interest rate plus points, fees and other expenses, providing the most accurate view of the costs a borrower might pay.
The article Mortgage Rates Today, Thursday, Nov. 3: Mostly Unchanged; Home Sellers See Biggest Gains in 9 Years originally appeared on NerdWallet.