Checking in the average mortgage rates reported for the week of 3-7-14 by the MBA, Freddie Mac and Bankrate plus what the latest employment numbers mean for rates…
Time once again to check out the mortgage rates reported this week. Also I will be discussing today’s BIG news about employment from the Labor Department since this will have an effect on mortgage rates. So let’s dive right in!
Freddie Mac Reported:
- 30-year fixed rate mortgages averaged 4.28%
- This is down from last week when it averaged 4.37%
- Last year ago at this time, 30-year fixed rate mortgages averaged 3.52%
- 15-year fixed rate mortgages this week averaged 3.32%
- This is down from last week when it averaged 3.39%
- Last year ago at this time, 15-year fixed rate mortgages averaged 2.76%
Now check out the chart showing mortgage rates from Freddie Mac:
30-year fixed rate mortgages fell 3 basis point to 4.45%
15-year fixed rate mortgages fell 4 basis points to 3.46%
The average rate for a 30-year jumbo mortgage fell 2 basis points to 4.49%
The Mortgage Bankers Association Reported:
The average contract interest rate for 30-year fixed rate mortgages with conforming loan balances ($417,000 or less) increased to 4.47% from 4.53%, with points decreasing to 0.26 from 0.34 (including the origination fee) for 80% loan-to-value ratio (LTV) loans.
The average contract interest rate for 30-year fixed rate mortgages with jumbo loan balances (greater than $417,000) increased to 4.37% from 4.47%, with points decreasing to 0.11 from 0.14 (including the origination fee) for 80% loan-to-value ratio (LTV) loans.
The average contract interest rate for 15-year fixed rate mortgages increased to 3.52% from 3.56%, with points increasing to 0.33 from 0.25 (including the origination fee) for 80% loan-to-value ratio (LTV) loans.
The Take Away:
I am sure that many are rejoicing that rates dropped. It may turn out to be short lived because rates started to rise after the release of the February Non-Farm Payrolls report. Every month, the Labor Department releases the Non-Farm Payrolls report which most people refer to as the jobs report.
The good news is that there were 175,000 net new jobs added in February. Many experts expected the number to be much lower. The good news in the jobs report may mean mortgage rates will rise in the coming week. I did see several mortgage people I know report that mortgage rates started rising almost immediately after the Jobs Reports.
Strange how good news for one thing can be bad news for another…
The key thing to remember is that rates are still at historically low levels.
As always, I am providing this to you for informational purposes only! I am not a mortgage lender and you should contact the lender of your choice directly to learn more about its mortgage products and your eligibility for such products.