The average rate on 30-year fixed-rate mortgages fell three basis points, the 15-year fixed rate dropped three basis points, too, and the 5/1 ARM climbed three basis points, according to a NerdWallet survey of daily mortgage rates published by national lenders Monday.
The 30-year fixed-rate mortgage is three basis points lower than one week ago and 21 basis points lower than one year ago. A basis point is one one-hundredth of one percent.
These relatively low mortgage rates coincide with strong sales of newly built homes, which zoomed in October to the highest pace in 10 years. New homes were sold at an annual rate of 685,000 units, according to the Census Bureau. That’s an 18.7% jump from the previous October’s sales pace and a 6.2% increase over September 2017 sales.
Half of new homes were sold for more than the median price of $312,800.
MORTGAGE RATES TODAY, MONDAY, NOV. 27: