Mortgage Rates Wednesday, Feb. 15: Surge; Appraisal Values Lower Than Owners Think

In a sharpupward turn, 30- and 15-year fixed mortgage rates roseby four basis points each today, while 5/1 ARMs remained unchanged, according to a NerdWalletsurvey of mortgage ratespublished by national lenders Wednesdaymorning.

MORTGAGE RATES TODAY, WEDNESDAY, FEB. 15

(Change from 2/14)
30-year fixed: 4.45% APR (+0.04)
15-year fixed: 3.75% APR (+0.04)
5/1 ARM: 3.83% APR (NC)

Get personalized mortgage ratesQuicken Loans: Appraised values lower than homeowners’ estimates

Homeowners can sometimes have an inflated estimate of their home’s value, especially when they’re trying to refinance. And new data from Quicken Loans show many homeowners are overestimating what their homes are worth.

Appraiser opinions were 1.47% less thanwhat owners expected in January, according to Quicken Loans’ National Home Price Perception Index,or HPPI,which compares the estimate ahomeowner supplies on a refinance mortgage application to the appraisal conducted later in the lending process.

It’s the second consecutive month that the HPPI showed a gap between homeowners’ assumptions of their home’s worthand its actual appraised value. Overall, appraisal values in January stayed mostly flat, slipping only 0.34% month-over-month, according to Quicken Loans. The estimates increased3.93% year-over-year.

“Accurate expectations at the onset of the mortgage process not only makes it smoother, but can prevent unexpected changes in the amount of funds to bring to the closing table if the appraised value comes in lower than initially estimated,” Bob Walter, chief economist at Quicken Loans, said in a newsrelease.

» MORE: Calculate your monthly mortgage payment

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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 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.

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The article Mortgage Rates Wednesday, Feb. 15: Surge; Appraisal Values Lower Than Owners Think originally appeared on NerdWallet.