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The average annual percentage rate on a 30-year fixed mortgage fell to 7.07% on Sunday afternoon, November 1, according to NerdWallet’s national mortgage-rate tracker, offering a small improvement for borrowers comparing home loans.
The figure was four basis points below Saturday and 13 basis points below a week earlier. NerdWallet’s page, updated at 2:23 p.m. Eastern, put the 15-year fixed mortgage average at 6.42% APR, down two basis points for the day and 14 for the week. The five-year adjustable-rate mortgage average rose four basis points to 6.73% APR.
These are national averages using mortgage-rate data from Zillow, not offers guaranteed to an individual borrower. APR includes interest and other loan costs, so buyers should compare APR, fees and discount points rather than relying on the interest rate alone. The rate a borrower can get depends on the loan, credit profile and lender.
NerdWallet’s daily figures are separate from Freddie Mac’s weekly benchmark. Freddie Mac’s latest report, dated October 29, put the average 30-year fixed interest rate at 7.24% and the 15-year at 6.60%. The sources use different data and measures and should not be read as directly interchangeable quotes.
JBizNews Desk | New York
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