Mortgage rates are plummeting following Britain’s vote to leave the European Union last week. Lenders began slashing their terms Friday and that trend continues today. According to the NerdWallet Mortgage Rates Index Monday morning, 30-year mortgages have been the beneficiary of the most discounting.
The “Brexit” is continuing to rock stock markets as investors rush to bonds. As the 10-year Treasury gains favor, its price rises but the yield falls — and mortgage rates are quickly approaching record lows.
Homeowners looking to lower their mortgage rate can shop refinance lenders here.
NerdWallet compiles annual percentage rates — lender interest rates plus fees — the most accurate way for consumers to compare rates. Here are today’s average rates for the most popular loan terms:
Mortgage Rates: June 27, 2016
(Change from 6/24)
30-year fixed: 3.66% APR (-0.07)
15-year fixed: 3.04% APR (-0.03)
5/1 ARM: 3.31% APR (-0.02)
Three major components of the NerdWallet Mortgage Rate Index are leading lenders Wells Fargo, Chase and Bank of America. Each is discounting their home loans as a result of the Brexit vote:
Mortgage Rates 6/27
| 30-year fixed | 15-year fixed | 5/1 ARM | |
|---|---|---|---|
| Wells Fargo | 3.77% APR | 3.07% APR | 3.36% APR |
| Chase | 3.47% APR | 2.80% APR | 3.31% APR |
| Bank of America | 3.66% APR | N/A | 3.29% APR |
NerdWallet daily mortgage rates are an average of the lowest published APR for each loan term offered by a sampling of major national lenders. Annual percentage rate quotes reflect an interest rate plus points, fees and other expenses, providing a more accurate view of the costs a borrower might pay.
Hal Bundrick is a staff writer at NerdWallet, a personal finance website. Email: hal@nerdwallet.com. Twitter: @halmbundrick
from NerdWallet
https://www.nerdwallet.com/blog/mortgages/mortgage-rates-today-monday-june-27/
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