Mortgage interest rates headed higher today, due to the weak demand in the bond market. Yields on mortgage-backed-securities (MBS), which most directly influence mortgage rates, increased. Consequently, mortgage rates ticked up and reached their worst levels since the beginning of April.
Earlier today, mortgage-finance company Freddie Mac published its weekly Primary Mortgage Market (PMMS) survey, which showed that the average interest rate on the 30-year fixed loan improved to 3.66% this week. A week earlier this type of mortgage loan was averaging 3.70%. The organization’s latest survey also revealed, that the 15-year FRM now carries a lower average interest rate in the form of 2.93%. This marks a 5 basis points improvement compared to the former 2.98% that it held a week earlier.
Now, moving on to today’s domectic economic reports, the Labor Department said that initial claims for unemployment benefits rose by 14,000 to a seasonally adjusted 281,000 in the week ended April 4. The figure signals a strenghtening job market, as the weekly jobless claims figure has been under 300,000 for the fifth consecutive week.
Turning focus to current mortgage interest rates at top lenders, at Bank of America (NYSE:BAC) the 30-year fixed home loan is currently hovering at 3.625%. The shorter-term, 15-year home purchase mortgage is quoted at 2.875%. Switching to the lender’s home refinancing options, the standard 30-year refi mortgage has an asking rate of 3.875% as of Thursday. In case of the 15-year fixed home refinance loan, it’s coming out at 3.000%.
Looking at U.S. Bank’s (NYSE:USB) latest home loan rate quotes, the 30-year conventional mortgage is available today at a rate of 3.875%. The 15-year home purchase loan alternative is carrying 3.125% interest cost, according to the latest loan information.
Wells Fargo (NYSE:WFC) is another major financial institution that offers a wide rage of home purchase and refinance mortgage loans. With regards to the lender’s home refinance loans, today the 30-year fixed mortgage can be obtained at a rate of 4.000%. Borrowers, who opt for the popular 15-year refi mortgage, can expect to pay 3.125% interest cost. Switching to non-conventional loans, the 30-year FHA-insured home refinance mortgage is coming out at a rate of 3.750% at this bank.
The above mentioned interest rates are subject to change and are not guaranteed. In order to search for live mortgage rate quotes from some of the top U.S. lenders, please click on the link below. To calculate your monthly mortgage payment, feel free to use our featured mortgage calculator.