Strong Employment Report Sends Mortgage Rates Higher

A surprisingly strong employment report for the month of February sent mortgage rates higher this week. February's employment report showed a gain of 236,000 jobs and the unemployment rate dropping to 7.7 percent, down from the prior month's average of 7.9 percent.  As a result of strong job numbers, long term bond yields moved higher which subsequently sent mortgage rates higher.

Strong Employment Report Sends Mortgage Rates HigherConforming 30 year mortgage rates today are averaging 3.71 percent, an increase from last week's average 30 year mortgage rate of 3.62 percent. Average mortgage rates have moved higher for several consecutive weeks as a slew of positive economic news has been released, pointing to an economic recovery in full swing.

Loan Type
Purchase    Refinance
Location
State/City    Zip Code
Loan Amt Points FICO % Down
  
$
in 95816, 2, 740    Sort by:
Lender
APR
Rate
Cost & Fees
Notes
 
PERIOD_FIXED_30YEARS Mortgage Loan from HomePlus Mortgage
HomePlus Mortgage
https:https://mortgagerates.icanbuy.com/images/lenderslogos/111128.gif
300000
Purchase
3.560%
3.375%
USD
HomePlus Mortgage Logo
NMLS # 78669
10/21/2019
at 2.000 pts
30 day lock rate
Est payment: $1,327
Fees in APR: $6,995
Personal service - one point of contact from start to finish – available nights and weekends
 
PERIOD_FIXED_30YEARS Mortgage Loan from Quicken Loans NMLS #3030
Quicken Loans NMLS #3030
https:https://mortgagerates.icanbuy.com/images/lenderslogos/111724.gif
300000
Purchase
4.291%
4.125%
USD
Quicken Loans NMLS #3030 Logo
NMLS # 3030
10/21/2019
at 2.000 pts
45 day lock rate
Est payment: $1,454
Fees in APR: $6,000
The Better Business Bureau gives Quicken Loans and A+ for customer service.
 
PERIOD_FIXED_30YEARS Mortgage Loan from Rocket Mortgage
Rocket Mortgage
https:https://mortgagerates.icanbuy.com/images/lenderslogos/111574.gif
300000
Purchase
4.039%
3.875%
USD
Rocket Mortgage Logo
NMLS # 3030
10/21/2019
at 2.000 pts
45 day lock rate
Est payment: $1,411
Fees in APR: $6,000
From the lender: We can close your loan in less than a month!
 
PERIOD_FIXED_30YEARS Mortgage Loan from Quicken Loans NMLS #3030
Quicken Loans NMLS #3030
https:https://mortgagerates.icanbuy.com/images/lenderslogos/111724.gif
300000
Purchase
4.291%
4.125%
USD
Quicken Loans NMLS #3030 Logo
NMLS # 3030
10/21/2019
at 2.000 pts
45 day lock rate
Est payment: $1,454
Fees in APR: $6,000
The Better Business Bureau gives Quicken Loans and A+ for customer service.
 
PERIOD_FIXED_30YEARS Mortgage Loan from Apple Financial Network, Inc
Apple Financial Network, Inc
https:https://mortgagerates.icanbuy.com/images/lenderslogos/112378.gif
300000
Purchase
3.556%
3.375%
USD
Apple Financial Network, Inc Logo
NMLS # 1846010
State Lic # 01527337
10/21/2019
at 1.625 pts
30 day lock rate
Est payment: $1,327
Fees in APR: $6,972
Be ready to buy. Get pre-approved by a local lender
 
PERIOD_FIXED_30YEARS Mortgage Loan from Interest Smart Home Loans
Interest Smart Home Loans
https:https://mortgagerates.icanbuy.com/images/lenderslogos/112369.gif
300000
Purchase
3.702%
3.500%
USD
Interest Smart Home Loans Logo
NMLS # 1157416
10/21/2019
at 2.000 pts
30 day lock rate
Est payment: $1,348
Fees in APR: $7,618
SPEAK WITH ONE OF OUR LICENSED MORTGAGE BANKERS NOW!
 
PERIOD_FIXED_30YEARS Mortgage Loan from Rocket Mortgage
Rocket Mortgage
https:https://mortgagerates.icanbuy.com/images/lenderslogos/111574.gif
300000
Purchase
4.039%
3.875%
USD
Rocket Mortgage Logo
NMLS # 3030
10/21/2019
at 2.000 pts
45 day lock rate
Est payment: $1,411
Fees in APR: $6,000
From the lender: We can close your loan in less than a month!
 
PERIOD_FIXED_30YEARS Mortgage Loan from HighTechHomeLoans
HighTechHomeLoans
https:https://mortgagerates.icanbuy.com/images/lenderslogos/112330.gif
300000
Purchase
3.526%
3.375%
USD
HighTechHomeLoans Logo
NMLS # 7147
State Lic # 4130937
10/21/2019
at 1.750 pts
30 day lock rate
Est payment: $1,327
Fees in APR: $5,704
HighTechLending is Here To Help
 
PERIOD_FIXED_30YEARS Mortgage Loan from HomePlus Mortgage
HomePlus Mortgage
https:https://mortgagerates.icanbuy.com/images/lenderslogos/111128.gif
300000
Purchase
3.560%
3.375%
USD
HomePlus Mortgage Logo
NMLS # 78669
10/21/2019
at 2.000 pts
30 day lock rate
Est payment: $1,327
Fees in APR: $6,995
Personal service - one point of contact from start to finish – available nights and weekends
 
PERIOD_FIXED_30YEARS Mortgage Loan from New American Funding
New American Funding
https:https://mortgagerates.icanbuy.com/images/lenderslogos/111741.gif
300000
Purchase
3.514%
3.375%
USD
New American Funding Logo
NMLS # 6606
10/21/2019
at 1.750 pts
30 day lock rate
Est payment: $1,327
Fees in APR: $5,250
Direct lender specializing in helping you save money on your home loan.
 

Data provided by Informa Research Services. Payments do not include amounts for taxes and insurance premiums. Click here for more information on rates and product details.






As the economy improves, the Federal Reserve will pare back its stimulus policies of buying long term Treasuries and mortgage-backed securities. In anticipation of this, the markets have already sent bond yields higher and prices for MBS have also moved higher. The Fed will also start increasing interest rates once the unemployment rate falls below 6.50 percent. A higher federal funds rate, currently near zero percent, will also send mortgage interest rates higher.

Average 30 year rates moved higher but there are lenders still quoting 30 year refinance rates at record lows. Depending on the state, the lowest quoted 30 year conventional refinance rates in our database are between 3.25 percent and 3.50 percent with points. The lowest 30 year refinancing rates without points are slightly higher, between 3.375 percent and 3.625 percent, still below the average rate.

Current mortgage rates on 15 year conventional home loans are averaging 2.92 percent this week, an increase from last week's average 15 year mortgage rate of 2.90 percent. The lowest 15 year conforming mortgage rates in our rate database are well below the average rate. The lowest 15 year refi rate is at 2.25 percent with 2 mortgage points. The lowest 15 year rate without points in our database is at 2.50 percent.

Average 30 year jumbo mortgage rates bucked the uptrend this week and headed down slightly. Today's mortgage rates on 30 year jumbo loans are averaging 4.24 percent, a decline from last week's average 30 year jumbo mortgage rate of 4.27 percent. The lowest jumbo mortgage refinance rates on our rate list are still below 4.00 percent.

In the state of California, the lowest 30 year jumbo refinance rates are quoted at 3.50 percent with 2 mortgage discount points. The lowest 30 year jumbo refi rates without points on our California rate list are at 3.625 percent. For the state of Connecticut, the lowest 30 year jumbo refi rates are at 3.50 percent and the lowest rates are at 3.625 percent.

Average 15 year jumbo mortgage interest rates are at 3.45 percent, a slight increase from last week's average 15 year jumbo rate of 3.41 percent. Our rate list for the state of Colorado has lenders quoting 15 year jumbo refi rates as low as 2.75 percent with 2 mortgage points and at 3.125 percent with no points.

Average 5 year conforming adjustable mortgage rates are at 2.70 percent, an increase from last week's average 5 year adjustable rate of 2.68 percent. We have many lenders quoting 5 year adjustable refinance rates well below the average rate and well below 2.00 percent. The lowest 5 year adjustable refi rates in the state of Ohio are at 1.50 percent with 1.858 points and the lowest rates without points are at 2.125 percent.
 
 
Author: Brian McKay
March 14th, 2013
Posted in: Bank Mortgage Rates