Mortgage rates near all-time lows; refinancing applications surge
Fixed-rate mortgage terms are steeply discounted and approaching historic levels. After another round of cuts today,听听on 30-year terms are near all-time lows while 15-year home loans are now below 3%, according to a Tuesday morning survey of major national lenders.
The NerdWallet Mortgage Rate Index compiles annual percentage rates 鈥� lender interest rates plus fees 鈥� the most accurate way for consumers to compare rates. Here are today鈥檚 average rates for the most popular loan terms:
Purchase Mortgage Rates: July 5, 2016
(Change from 7/1)
听3.54% APR (-0.04)
听2.97% APR (-0.03)
听3.31% APR (-0.01)
听
Refinance Mortgage Rates: July 5, 2016
(Change from 7/1)
听3.62% APR (-0.05)
听2.99% APR (-0.03)
听3.33% APR (-0.01)
Homeowners looking to lower their mortgage rate can shop for听.
Wells Fargo, Chase and BOA mortgage rates
Three major components of the NerdWallet Mortgage Rate Index are leading lenders听Wells Fargo, Chase and Bank of America.听Their current purchase mortgage rates are:
Bank Mortgage Rates 7/5
| 听 | |||
|---|---|---|---|
| Wells Fargo | 3.65% APR | 2.98% APR | 3.38% APR |
| Chase | 3.33% APR | 2.79% APR | 3.32% APR |
| Bank of America | 3.52% APR | N/A | 3.26% APR |
NerdWallet daily mortgage rates are an average of the lowest published APR for each loan term offered听by a sampling of major national lenders. Annual percentage rate quotes reflect an interest rate plus points, fees and other expenses, providing听the most accurate view of the costs听a borrower might pay.
Hal Bundrick is a staff writer at NerdWallet, a personal finance website. Email:hal@nerdwallet.com. Twitter:.
The article听originally appeared on听.
