Mortgage Rates Today, Sept. 30: Little Change, Pending Sales Dip - Metro US

Mortgage Rates Today, Sept. 30: Little Change, Pending Sales Dip


Thirty-yearand 15-year mortgage rates held steady, while 5/1 ARM loan rates slipped a hair,according to a NerdWallet survey of mortgage rates published by national lenders Friday.

Mortgage Rates Today,
Friday, Sept. 30

(Change from 9/29)
30-year fixed: 3.60% APR (NC)
15-year fixed: 3.01% APR (NC)
5/1 ARM: 3.50% APR (-0.01)

NAR: Pending home sales retreat

Pending home sales retreated inAugust for the third time in four months and to their lowest level since January, according to the National Association of Realtors.

A shortage of existing homes for sale prompted NAR’sPending Home Sales Index to fall2.4% to 108.5 in August from a downwardly revised 111.2 in July — thesecond-lowest levelthis year after January (105.4).

The NAR index is based on signed real estate contracts for existing homes, with 100 representing average activity in 2001, the first year to be examined.

“Contract activity slackened throughout the country in August except for in the Northeast, where higher inventory totals are giving home shoppers greater options and better success signing a contract,” NAR chief economist Lawrence Yun said in a news release. “In most other areas, an increased number of prospective buyers appear to be either wavering at the steeper home prices pushed up by inventory shortages or disheartened by the competition for the minuscule number of affordable listings.”

NARwarned that a lack of new home construction, which has long hampered many metro markets, could derail housing’s recovery, especially as we head into the slowersales season. Even more worrisome: Housing inventory has declined year-over-year for 15 straight months, andexisting-home prices have jumpedyear-over-year for 54 consecutive months, NARsaid.

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

The article Mortgage Rates Today, Sept. 30: Little Change, Pending Sales Dip originally appeared on NerdWallet.

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