Thirty-year fixed mortgage rates were upsix basis pointstoday, while 15-year fixed loans and 5/1 ARMs also rose slightly, according to a NerdWalletsurvey of current mortgage ratespublished by national lenders Tuesdaymorning. (Note: There was no survey on Monday due to the Presidents Day holiday.) MORTGAGE RATES TODAY,TUESDAY, FEB. 21:
(Change from 2/17) Get personalized mortgage ratesAffordability gap growing amid inventory shortage Although the housing market has rebounded and existing-home sales are expected to increase by 1.7% this year, home affordability is creating a roadblock for potential home buyers, according to new data from the National Association of Realtors and the website Realtor.com. The Realtors Affordability Distribution Curve and Score, created jointly by NAR and Realtor.com, is a new monthly measure of“affordability conditions at different income percentiles for all active inventory on the market,” according to a press release. It’s based on data on mortgages, state-level income and listings on Realtor.com, according to the release. The curve indicates that households with lower incomes have a more limited number of listings to choose from relative to their income level than do higher-income home shoppers — and more competition from other buyers. For example, “a household in the 35th income percentile could afford [only] 28% of all listings, a median income household (50th percentile) could afford 46% of listings, and a household in the 75th percentile was able to afford 74% of active listings,” according to the release. “Home prices have ascended far past wage growth in much of the country in recent years because not enough homeowners are selling and homebuilders have not boosted production enough to meet rising demand,” Lawrence Yun, NAR chief economist, said in the release. Home buyers have complained to real estate agents about “a notable imbalance” between available listings and listings in their affordable range, says Yun:“NAR and Realtor.com’s new affordability measure confirms that buyers aren’t exaggerating about the imbalance. Amidst higher home prices and now mortgage rates, households with lower incomes have been able to afford less of all homes on the market last year and so far in 2017.” » MORE: Calculate your monthly mortgage payment
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NerdWallet daily mortgage rates are an average of the published annual percentage ratewith the lowest points for each loan term offeredby a sampling of major national lenders. APR quotes reflect an interest rate plus points, fees and other expenses, providingthe most accurate view of the costsa borrower might pay. Deborah Kearnsis a staff writer at NerdWallet, a personal finance website. Email: dkearns@nerdwallet.com. Twitter: @debbie_kearns. .investor-form { text-align:center; max-width: 400px; margin:auto;}Mortgage Rate Newsletter Get daily mortgage rate updates delivered straight to your inbox! 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30-year fixed: 4.40% APR (+0.06)
15-year fixed: 3.72% APR (+0.01)
5/1 ARM: 3.82% APR (+0.02)
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