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
  
$
30 yr fixed refi in 23223, All points, Credit score: 740+     Sort by:
Lender
APR
Rate
Cost & Fees
Notes
 
30 yr fixed Mortgage Loan from JG Wentworth Home Lending
JG Wentworth Home Lending
https://www.brimg.net/system/img/inst/10054_logo.gif
300000
Refinance
4.258
4.250
USD
JG Wentworth Home Lending Logo
NMLS # 2925
State Lic # MC-1875
at 0.000 pts
45 day lock rate
Est payment: $1,475.82
Fees in APR: $299
 
 
30 yr fixed mtg refi Mortgage Loan from Virginia Credit Union
Virginia Credit Union
300000
Refinance
4.328
4.250
USD
Virginia Credit Union
4.328%
4/16/2019
4.250%
at 0.375 pts
45 day lock rate
Est payment: $1,475.82
Fees in APR: $1,650
 
 
30 yr fixed mtg refi Mortgage Loan from Fulton Bank, NA
Fulton Bank, NA
300000
Refinance
4.529
4.500
USD
Fulton Bank, NA
4.529%
4/16/2019
4.500%
at 0.000 pts
60 day lock rate
Est payment: $1,520.06
Fees in APR: $1,007
 
 
30 yr fixed mtg refi Mortgage Loan from State Department Federal Credit Union
State Department Federal Credit Union
300000
Refinance
4.432
4.375
USD
State Department Federal Credit Union
4.432%
4/15/2019
4.375%
at 0.000 pts
60 day lock rate
Est payment: $1,497.86
Fees in APR: $2,000
 
 
30 yr fixed mtg refi Mortgage Loan from Citizens Bank, NA
Citizens Bank, NA
300000
Refinance
4.415
4.375
USD
Citizens Bank, NA
4.415%
4/12/2019
4.375%
at 0.000 pts
60 day lock rate
Est payment: $1,497.86
Fees in APR: $1,408
 
 
30 yr fixed mtg refi Mortgage Loan from LincolnWay Community Bank
LincolnWay Community Bank
300000
Refinance
4.155
4.125
USD
LincolnWay Community Bank
4.155%
4/16/2019
4.125%
at 0.000 pts
30 day lock rate
Est payment: $1,453.95
Fees in APR: $1,085
 
 
30 yr fixed mtg refi Mortgage Loan from Bank of America
Bank of America
300000
Refinance
4.343
4.250
USD
Bank of America
4.343%
4/17/2019
4.250%
at 0.671 pts
60 day lock rate
Est payment: $1,475.82
Fees in APR: $1,289
 
 
30 yr fixed mtg refi Mortgage Loan from TD Bank, NA
TD Bank, NA
300000
Refinance
4.278
4.250
USD
TD Bank, NA
4.278%
4/19/2019
4.250%
at 0.000 pts
45 day lock rate
Est payment: $1,475.82
Fees in APR: $982
 
 
30 yr fixed mtg refi Mortgage Loan from Santander Bank, N.A.
Santander Bank, N.A.
300000
Refinance
4.557
4.500
USD
Santander Bank, N.A.
4.557%
4/19/2019
4.500%
at 0.000 pts
60 day lock rate
Est payment: $1,520.06
Fees in APR: $2,004
 
 
30 yr fixed mtg refi Mortgage Loan from Bank of Oak Ridge
Bank of Oak Ridge
300000
Refinance
4.295
4.250
USD
Bank of Oak Ridge
4.295%
4/18/2019
4.250%
at 0.250 pts
60 day lock rate
Est payment: $1,475.82
Fees in APR: $853
 
 
30 yr fixed mtg refi Mortgage Loan from Northwest Federal Credit Union
Northwest Federal Credit Union
300000
Refinance
4.316
4.250
USD
Northwest Federal Credit Union
4.316%
4/17/2019
4.250%
at 0.750 pts
45 day lock rate
Est payment: $1,475.82
Fees in APR: $79
 
 
30 yr fixed mtg refi Mortgage Loan from Apple Federal Credit Union
Apple Federal Credit Union
300000
Refinance
4.345
4.250
USD
Apple Federal Credit Union
4.345%
4/17/2019
4.250%
at 1.000 pts
60 day lock rate
Est payment: $1,475.82
Fees in APR: $352
 
 

Mortage Data Provided by Bankrate.com Many lenders have different rates on their own Websites than those posted on Bankrate.com. In order to get the Bankrate.com rate, please identify yourself as a Bankrate.com customer. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the lender you choose, please click here.

The rates above were collected by Bankrate.com on the dates specified. Rates are subject to change without notice and may vary from branch to branch. Rate/APR and terms may vary based on the creditworthiness of the individual and the extent to which the loan differs from the one used for Bankrate.com quotes. For criteria used in surveys of rates above, click here. These quotes are from banks, thrifts, and brokers, some of whom have paid for a link to their own Web site, where you can find additional information.






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