Mortgage rates for 30-year fixed loans were unchanged, while 15-year fixed rates and 5/1 ARMs moved slightly higher, according to a NerdWallet survey of mortgage rates published by national lenders Wednesday morning.
At least a couple of factors may impact mortgage rates through the end of the week. The Federal Reserve will release the minutes of its last meeting, perhaps giving traders a clue to future monetary policy changes. The Fed is expected to raise short-term interest rates at its next meeting in June, perhaps with one more hike prior to the end of the year. Analysts will be looking for signs of any shift in that strategy.
Another potential catalyst: news from overseas. Britain is bracing for the possibility of further terror attacks after the Manchester concert bombing — that is likely to keep markets on edge. And China’s debt was downgraded by Moody’s, the bond rating firm, on concerns over a weakening financial system and a slowing economy.
If the Fed touts a strong economy, rates might rise. But bad news — at home or abroad — could cause mortgage rates to fall. So far, the bond market seems to be waiting for a sign; all is quiet.
NerdWallet daily mortgage rates are an average of the published annual percentage rate with the lowest points for each loan term offered by a sampling of major national lenders. APR quotes reflect an interest rate plus points, fees and other expenses, providing the most accurate view of the costs a borrower might pay.