Average rates on 30-year and 15-year fixed-rate mortgages fell three basis points, and the 5/1 ARM declined one basis point, according to a NerdWallet survey of daily mortgage rates published by national lenders.
The drop in rates followed tame inflation news. The core Consumer Price Index (for items excluding food and energy) was up 1.7% in September compared with 12 months earlier, according to the Bureau of Labor Statistics. Core inflation has remained at 1.7% five months in a row. The Federal Reserve has been trying to nudge inflation up to 2%.
This week’s economic calendar might shed light on the strength of housing. Wednesday brings statistics on housing starts and building permits in September, and Friday has the September report on existing home sales.
MORTGAGE RATES TODAY:
30-Year Fixed: 4.02% APR (-0.03)
15-Year Fixed: 3.47% APR (-0.03)
5/1 ARM: 3.93% APR (-0.01)