Mortgage interest rates improved for the second straight day on Tuesday. Following the losses, that interest rates experienced on Friday after the release of February’s Non-Farm Payroll report, now we are seeing a positive momentum for mortgage rates. Overall, the improvements that rates saw this week erased about half of the losses seen back on Friday. The main factor which has been driving mortgage interest rates lower is the fact that the European Central Bank began its quantitative easing campaign on Monday.
Looking at current domestic economic data, job openings rose to a 14-year high in January, the Labor Department said earlier this Tuesday. This marks a 2.5% climb to a seasonally adjusted 5 million, the highest level since 2001. The latest JOLTS report also showed that there were 1.8 unemployment workers per job opening in January.
Last week, Freddie Mac published its latest Primary Mortgage Market Survey (PMMS), which showed that the average interest rate on the 30-year fixed mortgage dropped to 3.75% from the previous 3.80%. The 15-year fixed mortgage also averaged a lower rate last week in the form of 3.03%. A week earlier this type of mortgage loan stood at 3.07%. It’s important to note that the survey didn’t take the impact of Friday’s Employment report into account, as it was released a day earlier than the job report.
Now, 30-year and 15-year mortgage interest rates at Bank of America (NYSE:BAC) have been holding steady in the first two days of the week, according to our observations. The 30-year fixed home purchase loan is available today at a rate of 3.750%. The 15-year fixed home loan alternative is up for grabs at a rate of 3.000%. Under its home refinance loan portfolio, BofA is offering the 30-year conventional mortgage loan for as low as 3.875%. A shorter-term option, the 15-year FRM can be secured at a rate of 3.000%.
Over at U.S. Bank (NYSE:USB), the 30-year fixed home mortgage is carrying 4.125% interest cost on Tuesday. The lender’s 15-year fixed mortgage is quoted at a rate of 3.375%, according to the latest data.
Heading over to Wells Fargo (NYSE:WFC), at the San Francisco-headquartered mortgage provider, the 30-year home purchase loan, which features a fixed interest rate during the loan’s term, is coming out at a rate of 4.000%. The 15-year fixed mortgage loan is another possible option, and today it’s available at a rate of 3.500%. Borrowers, who are interested in home refinancing, may want to consider the lender’s 30-year FRM, which has an asking rate of 4.125%. Others, who prefer opting for the 15-year fixed refi loan at Wells Fargo, will see these type of loan plans starting at 3.500% on Tuesday.
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.