November 22nd, 2016

My passion for home restorations, started with cars.

 

storyridestory

The image above tells a story that I am proud of. As far back as I can remember, I was fascinated by classic cars. My uncle had a 1963 Chevy Impala SS Convertible (top right) and I loved the idea of fixing up and restoring your own custom creation. Around 4th grade, I decided I wanted to restore a Schwinn bicycle and make it a custom lowrider. With the help of my uncle and his friends I was able to locate a 1976 Schwinn Stingray and I was hooked.

 

I immediately drew a vision of what I wanted it to look like when it was done (with crayons.) It was going to be blue and it would fade to purple. The wheels would be gold and chrome and it was going to have a massive amount of metal flake in the paint. This drawing would serve as my inspiration for the next three years as I started helping my grandpa out at his grocery store doing random tasks for a few dollars here and there. This gave me a reason to constantly be around my grandpas grocery store so that I could be available for any “job” that needed to be done. By the time I was in junior high I was working an hourly shift and my bike progressed quickly.

My Schwinn came out great, and I enjoyed showing it at car shows. I also eventually became a member of Nite Life Car Club and enjoyed going to the meetings and helping plan things like the annual car show. Little did I know that this experience would come in handy later. By the time I was in high  school and 15, I had saved up enough money to buy a 1985 Oldsmobile Cutlass Supreme. It needed mechanical and body work but it was mine.

Once again the drive to work more hours and spend more time at the grocery store kicked in and I started fixing up my Cutlass. I also enrolled in auto body class at my high school ROP and started fixing up the Cutlass. I did all the body work myself and with the help of my cousin Rene, painted the car at school. (Blue and white car in photo above.)

All the hours worked at Beto’s Market and time spent into fixing up the Cutlass would soon pay off. One of the guys in the neighborhood near my grandpa’s store had a 1950 Chevy Deluxe 2 door powerglide. It was complete, with a bunch of accessories and although it needed some work, it was a bad ass ride. When I heard he was thinking of selling it to buy a newer car, I jumped at the opportunity and offered to trade my Cutlass and some cash.

I was 16 or 17 and was now the proud owner of a 1950 Chevy. I was so proud to drive around in it, revving up the pipes, shining the chrome every chance I got and waxing the aging paint to bring out the remaining bit of glory. Once again, I put in work and little by little made improvements. I had the interior redone, added a pair of 14″ Daytons and installed a sound system. I drove it to school every day and would get to my high school really early so that I could get prime parking in the Senior parking lot. My car was even featured in my Senior yearbook (black and white photo above)

It was also my Senior year that I was accepted to go to college at San Diego State after graduating from Santa Barbara High School. Life was good, I had my dream car, I would soon be moving to San Diego, and I had no worries in the world. My dad valued the idea of me getting an education and was committed to helping me financially through college. So naturally when the time came to pay the first college bill, the deposit on the dorms of $5,000 I looked to my dad for help. His response was unexpected, he asked what I was going to do with the Chevy Deluxe. I said “I plan to keep it here while I am in college. Once I graduate and get a good job I’ll move into a house with a garage and then I will pick it up and take it home.”

My dad’s response was one of two options. Option A, I could keep the car in my parents driveway while I finished college and I would be responsible for figuring out my own way through college. Option B, I could sell the car to get the $5,000 I needed for my deposit on the dorms and he would remain committed to helping me financially through college. I agonized over the decision and spoke to some guys from the car club about it. After what seemed like an eternity and consistent feedback about the right choice, I decided to sell the car to my cousin. In retrospect the decision should have been easy and obvious, invest into my education. But at 18, it killed me to have to sell my car. I promised myself that some day I would own another and I hoped that the day would come soon.

 

I went off to college at SDSU and financed my first car, a 1994 Honda Accord. I needed something dependable to get around San Diego. I couldn’t resist and put some wire wheels on it to satisfy my itch for a lowrider. (middle right above) The car was fun, I was able to make some modifications in the engine, added a sound system and made it “custom enough.” I eventually sold the Honda and continued through college. I would go on to get involved in my fraternity, Nu Alpha Kappa. Who would’ve known that the experience from running a car club meeting and planning events would be an asset for my campus involvement in college. I ended up being chapter President of my fraternity and Vice President of the Campus Cultural Greek council as well a homecoming nominee.

When I graduated, I went straight into the real estate field. With the business acumen I learned at Beto’s market, the education I got at San Diego State and some great mentors I launched my real estate career. My love for customization and restoration led me to become a specialist in renovation mortgages when I was a mortgage banker. The idea of being able to buy a home, fix it up and give it your custom touch reminded me of my lowrider days and excited my about the mortgage business even as the market collapsed.

It’s been 17 years since I sold the old black Chevy and although I’ve repainted one of my cars since then, restored an old schwinn several times over (lower middle left) and attended every car show I could make it to in the San Diego area, I still hadn’t made good on my promise to myself. I was ok with that because so many other dreams had become a reality. Accomplishments like marrying the love of my life, buying our own home, and getting involved in my community filled the gap. With many goals yet to be accomplished the idea of owning an old car seemed like a distant dream, until a friend challenged me to see possibility. I was asked “if I was to own a car, how would that look like?” This got the wheels turning and inspired by other businesses who had classic cars to represent their brands, like Northgate market and Xavier the X man, I began to search for a deal for a company car for theHomeMap.

After searching for months I finally found the deal I was looking for. A 1951 Chevy Styleline Deluxe 2 Door 3 speed Sedan. It was complete but not running. I proceeded to make a deal and after a summer of mechanical work and a lot of paint, the front end was reassembled and the car is now running! When I initially conceptualized theHomeMap as a real estate brand, I visualized branding that would marry my love for the road and cars with my passion for real estate. Project 5TY ONE is an exciting opportunity to be able to promote homeownership, home restoration opportunities and connect with other car enthusiasts. So keep an eye out for the progress of the project. Once it’s looking a little better, I look forward to attending community events and local car shows. Up next is some lettering to make it a true Realtor mobile. Which style do you think looks better?

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October 5th, 2016

Mortgage Rates Today, Wednesday, Oct. 5: Rates, Refinance Applications on the Rise

Mortgage rates across the board for 30- and 15-year fixed loans and 5/1 ARMs all climbed higher, according to a NerdWallet survey of mortgage rates published by national lenders Wednesday.

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Mortgage Rates Today,
Wednesday, Oct. 5

(Change from 10/4)
30-year fixed: 3.63% APR (+0.02)
15-year fixed: 3.04% APR (+0.02)
5/1 ARM: 3.56% APR (+0.02)

Mortgage applications increase, driven by refinance activity

Eager to take advantage of low mortgage rates, existing homeowners helped boost mortgage applications by 2.9% from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending Sept. 30.

Refinance applications increased 5% from the previous week, while purchase applications fell by 0.1% in the same time frame. The unadjusted purchase index dipped 0.2% compared with the previous week and was 14% lower than the same week one year ago.

The refinance share of mortgage activity increased to 63.8% of total applications from 62.7% the week before. As mortgage rates continue to stay below 4%, it seems more homeowners are refinancing and staying put instead of looking to trade up to another home.

This trend in increased mortgage refinance applications mirrors findings from the Urban Institute. In 2001, there were 1.8 million repeat homebuyers in the U.S. housing market. Though their numbers declined until 2008, there were always at least 1 million each year, the institute’s data show. In 2009, in the midst of the housing downturn, there were nearly 700,000 repeat homebuyers. By 2015, there were over 900,000 repeat buyers in the market — half the amount in 2001.

Homeowners looking to lower their mortgage rate can shop for refinance lenders here.

NerdWallet daily mortgage rates are an average of the published APR with the lowest points 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 the most accurate view of the costs a borrower might pay.

Deborah Kearns is a staff writer at NerdWallet, a personal finance website. 

The article Mortgage Rates Today, Wednesday, Oct. 5: Rates, Refinance Applications on the Riseoriginally appeared on NerdWallet.

September 27th, 2016

Mortgage Rates Today, Tuesday, Sept. 27: Rates Keep Dropping, New Homes in Demand

Mortgage rates just keep going lower. Thirty-year and 15-year fixed mortgage rates as well as 5/1 ARM rates saw notable dips, according to a NerdWallet survey of mortgage rates published by national lenders Tuesday.

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Mortgage Rates Today,
Tuesday, Sept. 27

(Change from 9/26)
30-year fixed: 3.57% APR (-0.04)
15-year fixed: 3.00% APR (-0.03)
5/1 ARM: 3.46% APR (-0.05)

New home sales on the rise

What do you do when there’s not enough existing starter homes for sale? New data suggests homebuyers are increasingly choosing new construction. Sales of new single-family houses in August 2016 rose year-over-year to 609,000 units, according to estimates released jointly by the Census Bureau and the Department of Housing and Urban Development.

“New home sales for August were almost 21% stronger than August of 2015, and on a year-to-date basis, sales of new single-family homes are 13.3% higher than this time last year,” Robert Dietz, chief economist for the National Association of Home Builders, said in a news release. “The trend is rising for new home sales, and NAHB expects continued growth in the year ahead given tight new and existing home inventories.”

The NAHB reported that there were only 56,000 completed, move-in ready new homes on the market as of August, which isn’t enough to keep pace with the demand from buyers facing inventory shortages of affordable existing homes for sale in many metro markets.

Homeowners looking to lower their mortgage rate can shop for refinance lenders here.

NerdWallet daily mortgage rates are an average of the published APR with the lowest points 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 the most accurate view of the costs a borrower might pay.

Deborah Kearns is a staff writer at NerdWallet, a personal finance website. 

The article Mortgage Rates Today, Tuesday, Sept. 27: Rates Keep Dropping, New Homes in Demandoriginally appeared on NerdWallet.

September 20th, 2016

Mortgage Rates Today, Tuesday, Sept. 20: Waiting on Central Banks

Thirty-year fixed mortgage rates were unchanged, while 15-year fixed home loans were up a tick and 5/1 ARM rates were higher Tuesday, according to a NerdWallet survey of mortgage ratespublished by national lenders.

Mortgage rates have wavered only slightly for a week as banks have simply fine-tuned their existing prices.

NerdWallet is a free tool to find you the best credit cards, cd rates, savings, checking accounts, scholarships, healthcare and airlines. Start here to maximize your rewards or minimize your interest rates.
Hal M. Bundrick, CFP
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Mortgage Rates Today, Tuesday, Sept. 20

(Change from 9/19)

  • 30-year fixed: 3.67% APR (NC)
  • 15-year fixed: 3.09% APR (+0.01)
  • 5/1 ARM: 3.57% APR (+0.03)

Central banks take center stage

Interest rate watchers are keeping an eye on the Bank of Japan and the U.S. Federal Reserve’s Federal Open Market Committee. The decisions of these two central banks Wednesday could provide the next impetus for interest rates to move.

“Keep in mind that Wednesday afternoon brings the FOMC announcement, where the Fed releases its updated policy statement,” Matthew Graham, chief operating officer of Mortgage News Daily, wrote in an analysis late Monday. “Although markets and rates can go either way in response to these events, big, negative reactions tend to happen faster and more abruptly than big, positive reactions.”

Graham said the bond market will likely see significant volatility, regardless of the announced monetary policy decisions.

“In the biggest of pictures, ‘global growth concerns’ remain the driving force behind the long-term trend toward lower rates,” Graham added.

Scott Anderson, chief economist with Bank of the West, says that while the Fed has been sending signals of a short-term interest rate hike, a weaker than expected August payroll report and continued weak economic and inflation data may have pushed back the Fed’s timeline.

Homeowners looking to lower their mortgage rate can shop for refinance lenders here.

NerdWallet daily mortgage rates are an average of the published APR with the lowest points 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 the most accurate view of the costs a borrower might pay.

Hal Bundrick is a staff writer at NerdWallet, a personal finance website. 

The article Mortgage Rates Today, Tuesday, Sept. 20: Waiting on Central Banks originally appeared on NerdWallet.

September 13th, 2016

Mortgage Rates Today, Tuesday, Sept. 13: Lower on Fed Comments

Thirty-year and 15-year fixed mortgage rates, as well as 5/1 ARM rates, are all lower Tuesday, according to a NerdWallet survey of mortgage rates published by national lenders this morning.

Mortgage rates, particularly on 30-year fixed home loans, reversed course after three straight days of rising sharply. A speech by Federal Reserve Governor Lael Brainard, saying that the case for a short-term rate hike was “less compelling,” caused bond yields — and mortgage rates — to dip.

Second chance for rejected mortgage loan applicants

For aspiring homeowners who have been turned down for a home loan, there may be a second chance. A web-based application called HLP.guru, developed by mortgage lender Ditech Financial, will enroll rejected borrowers in a program designed to help make them approval worthy.

“Ditech wants to help make homeownership possible for as many Americans as we can,” Laura Reichel, Ditech senior vice president, said in a news release Monday. “By offering access to HLP.guru, potential homebuyers can get the tools and guidance needed to make that dream easier to reach.”

The service will pair would-be borrowers with nonprofit housing counselors, who provide assistance on how to become qualified for a mortgage. The program will be offered free to about 2,000 prospective owners over the next six months.

The NerdWallet Mortgage Rate Index 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: Sept. 13, 2016

(Change from 9/12)

30-year fixed: 3.68% APR (-0.02)

15-year fixed: 3.10% APR (-0.02)

5/1 ARM: 3.53% APR (-0.04)
Homeowners looking to lower their mortgage rate can shop for refinance lenders here.

NerdWallet daily mortgage rates are an average of the published APR with the lowest points 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 the most accurate view of the costs a borrower might pay.

Hal Bundrick is a staff writer at NerdWallet, a personal finance website. 

The article Mortgage Rates Today, Tuesday, Sept. 13: Lower on Fed Comments originally appeared on NerdWallet.

September 6th, 2016

Mortgage Rates Today, Tuesday, Sept. 6: Lower After Modest Jobs Report

Thirty-year fixed mortgage rates are lower, 15-year mortgage rates ticked higher and 5/1 ARM loan rates inched lower Tuesday, according to a NerdWallet survey of mortgage rates published by national lenders this morning.

The discount on 30-year home loans may be the result of lenders repricing their terms following Friday’s modest-growth jobs report.

What Friday’s jobs report means for mortgage rates

The U.S. economy is pedal-to-the-metal one month with a quick foot to the brakes the next. August’s employment report, released Friday, was less robust than economists had expected, especially after July’s stellar tally. Is it enough to prevent the Federal Reserve from hiking short-term interest rates later this month?

“It’s hard to know,” Keith T. Gumbinger, vice president of HSH.com, said in an analysis emailed to clients. “In recent days, important Fed voices seemed to suggest that they would like to move sooner rather than wait, and it bears remembering that the Fed made a move last December amid quiet financial markets and moderating growth. However, it would seem that the markets are unprepared for a move — or at least don’t much expect one to come — and if the Fed does intend to move, we would expect to see increasing rhetoric to this regard in the coming days.”

The NerdWallet Mortgage Rate Index 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: Sept. 6, 2016

(Change from 9/2)

30-year fixed: 3.64% APR (-0.02)

15-year fixed: 3.09% APR (+0.01)

5/1 ARM: 3.53% APR (-0.01)

Homeowners looking to lower their mortgage rate can shop for refinance lenders here.

NerdWallet daily mortgage rates are an average of the published APR with the lowest points 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 the most accurate view of the costs a borrower might pay.

Hal Bundrick is a staff writer at NerdWallet, a personal finance website. 

The article Mortgage Rates Today, Tuesday, Sept. 6: Lower After Modest Jobs Report originally appeared on NerdWallet.

August 29th, 2016

Mortgage Rates Today, Monday, Aug. 29: Small Gains, Millennials Tap Equity

Thirty-year fixed and 5/1 ARM mortgages ticked up slightly, while 15-year fixed mortgages remained unchanged on Monday, according to a NerdWallet survey of mortgage rates published by national lenders this morning.

The latest rates continue a monthlong trend of steady rates that haven’t budged much. How low will rates stay — and for how long — is the question.

Older millennials tapping home equity

With home prices gaining strongly in 2016, some homeowners are tempted to tap their homes’ equity more today. In particular, older millennial homeowners, ages 30-34, are twice as likely as baby boomers, ages 55-64, to take out a home equity loan, according to a survey commissioned by Discover Home Equity Loans.

The survey found that among older millennials who own a home (64% of them), 51% have used ahome equity loan, compared to only 26% of homeowners who are baby boomers.

Home remodels (45%) and debt consolidation (36%) are the leading reasons homeowners of all ages are taking out home equity loans. But the survey also found that older millennials (42%) are much more likely to use these loans for emergency cash versus just 14% of baby boomers.

“Homeowners who have built equity in their homes have the opportunity to leverage their financial asset to help them pay down debt, update their home or pay for major expenses,” TJ Freeborn, director of operations strategy for Discover Home Equity Loans, said in a news release. “Home equity loans are a viable option homeowners may want to consider, especially because they offer perks like a fixed rate for the life of the loan and the potential for the interest to be tax deductible.”

The NerdWallet Mortgage Rate Index 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: Aug. 29, 2016

(Change from 8/26)

30-year fixed: 3.63% APR (+0.01)

15-year fixed: 3.05% APR (NC)

5/1 ARM: 3.51% APR (+0.01)

Homeowners looking to lower their mortgage rate can shop for refinance lenders here.

NerdWallet daily mortgage rates are an average of the published APR with the lowest points 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 the most accurate view of the costs a borrower might pay.

Deborah Kearns is a staff writer at NerdWallet, a personal finance website. 

The article Mortgage Rates Today, Monday, Aug. 29: Small Gains, Millennials Tap Equity originally appeared on NerdWallet.

August 20th, 2016

5 Must-Know Tips for Selling Your Home

By Winnie Sun

Learn more about Winnie on NerdWallet’s Ask an Advisor

Selling your home is a big decision that requires significant preparation, including listing your property and meeting with potential agents. Once you’ve done that, it can still take weeks or even months to find a buyer, depending on the market.

With all that in mind, it’s important to know the current best practices for selling your home. Following these five tips will lead to a better experience.

1. Spruce up your online listing

A recent National Association of Realtors study found that nearly 90% of homebuyers use the internet to house hunt. If your online listing is drab and uninviting, you’re already turning off potential buyers. Start by updating it with clear and colorful images of your property. You could even get creative and post a love letter video about your home on YouTube. If you really want to use technology to your advantage, consider renting a drone camera and filming a video that gives potential buyers a 360-degree view of your property.

Remember, you only have one chance to create a good first impression. Helping potential buyers envision themselves living in your home gets you that much closer to selling your property.

2. Shop around for a solid real estate agent

Finding a capable agent is just as important as marketing your home. Try out a few of your options by attending open houses and observing how the agents interact with guests. Do they actively engage the visitors? Are they organized, and do they have support from team members?

You can also ask successful sellers to recommend their listing agents, and let’s not forget the power of online review sites, which can be good tools for finding reputable agents.

3. Negotiate the commission

Once you’ve selected an agent, it’s important that you negotiate the commission. Most realtors charge around 6% of the sale price. But let’s say you’re trying to sell a property in Silicon Valley, where many homes are only on the market for a week or so. You could negotiate a lower commission based on the fact that houses tend to sell more easily in that area.

Research the underlying benefits of selling a property in your area and use this information to negotiate the commission. Six percent represents a big bite out of your proceeds. Don’t hesitate to try to cut a deal.

4. Keep your agent on track

From day one, it’s essential that you establish tasks and timelines for your agent, both verbally and in written agreement. Then make sure that he or she is on track at all stages of the selling process, whether that’s organizing open houses or advertising your property through social media. He or she is your employee, and the last thing that you want is miscommunication.

I have an acquaintance whose agent sneaked away on vacation without warning after setting up an open house. Prospective buyers quickly lost interest when the agent wasn’t around in the following days to answer questions, and the house took awhile to sell. Don’t let this happen to you.

5. Select your buyer wisely

As a seller, you get to choose who buys your house. Remember, this is a business decision — it’s not just a matter of liking the potential buyer personally. For that reason, it’s wise to choose buyers who are preapproved. These buyers have the backing of their lenders to complete a sale, meaning their credit reports and income tax returns have already been checked out, lessening the chance that a financial snafu will throw off the sale process. You shouldn’t dismiss an unapproved buyer immediately, but it’s best to lean toward those who are preapproved.

Selling your home is no simple feat. Always take the time to sort out your options. Happy selling!

Winnie Sun is the founding partner of Sun Group Wealth Partners in Irvine, Calif.

The article 5 Must-Know Tips for Selling Your Home originally appeared on NerdWallet.

August 12th, 2016

Mortgage Rates Today, Friday, Aug. 12: Standing Pat

Thirty-year fixed mortgage rates moved a notch higher Friday, while 15-year fixed home loans fell slightly and 5/1 ARM rates were unchanged, according to a NerdWallet survey of mortgage rates published by national lenders this morning.

Mortgage rates lack direction

The NerdWallet Mortgage Rate Index 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: Aug. 12, 2016

(Change from 8/11)

30-year fixed: 3.59% APR (+0.01)

15-year fixed: 2.98% APR (-0.01)

5/1 ARM: 3.48% APR (NC)

Homeowners looking to lower their mortgage rate can shop for refinance lenders here.

Homeowners often surprised by the value of their home

Home values have been steadily climbing — in fact, median sales price reached another record high in June — but homeowners are often shocked by the value of their home as revealed by an appraisal. And it’s not always a pleasant surprise, according to research released by Quicken Loans.

“While those on the West Coast are being surprised by their high appraisals, homeowners in the Northeast and Midwest are more likely to be shocked by their low values,” Bob Walters, Quicken Loans chief economist, said in a news release. “If homeowners keep an eye on local home sales, they can be better aware of their current home value and not be shocked when they go to sell or refinance.”

The study found appraised values nationwide were an average of 1.69% lower than what homeowners expected in July. Appraised values were generally higher than homeowners’ perceptions in Denver, San Francisco and San Jose, California. However, homeowners in Philadelphia, Detroit, Baltimore and Chicago were more likely to be disappointed with their appraised values.

NerdWallet daily mortgage rates are an average of the published APR with the lowest points 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 the most accurate view of the costs a borrower might pay.

Hal Bundrick is a staff writer at NerdWallet, a personal finance website. 

The article Mortgage Rates Today, Friday, Aug. 12: Standing Pat originally appeared on NerdWallet.

August 12th, 2016

Mortgage Rates Today, Monday, Aug. 8: Rising After Strong Jobs Report

Thirty-year fixed mortgage rates are higher Monday, 15-year fixed home loans are also up, as are 5/1 ARMs, according to a NerdWallet survey of mortgage rates posted by national lenders this morning.

As expected, the bond market sagged following Friday’s robust jobs report, pushing yields — and mortgage rates — higher.

Rising mortgage rates and higher home prices

Friday’s U.S. employment report was a rare combination of a strong headline combined with “few blemishes in the details,” according to Doug Duncan, chief economist for Fannie Mae. He said the better than anticipated jobs report also signals even higher home prices.

“With upward revisions to prior months’ job gains, annual wage growth tying a seven-year best, an improved participation rate and a longer workweek, the report gives support to those on the Fed hoping to increase rates this year, especially if the numbers are supported in future releases,” Duncan said in a statement. “Strengthening job and wage growth are positives for the demand side of the housing market, but weak residential construction hiring is worrisome from a supply perspective. Together, these developments suggest continued strong home price appreciation.”

The NerdWallet Mortgage Rate Index 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:

Purchase Mortgage Rates: Aug. 8, 2016

(Change from 8/5)

30-year fixed: 3.62% APR (+0.04)

15-year fixed: 3.02% APR (+0.02)

5/1 ARM: 3.48% APR (+0.01)

Homeowners looking to lower their mortgage rate can shop for refinance lenders here.

NerdWallet daily mortgage rates are an average of the published APR with the lowest points 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 the most accurate view of the costs a borrower might pay.

Hal Bundrick is a staff writer at NerdWallet, a personal finance website. 

The article Mortgage Rates Today, Monday, Aug. 8: Rising After Strong Jobs Report originally appeared on NerdWallet.

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