Mortgage interest rates remained flat for the second straight day on Thursday, following some weakness they experienced earlier in the week. Yesterday, the European Central Bank announced details on its QE plans, which caused some volatility in the bond markets. However, at the end of the day interest rates stayed close to those levels they held the day before.
Back on Thursday, mortgage-buyer Freddie Mac reported that the average interest rate on the 30-year fixed mortgage dropped to 3.75% from the previous 3.8% that it held a week earlier. This marks the first time in four weeks, that the national average rate on the 30-year fixed mortgage improved. The 15-year fixed loan also carries a lower average rate this week, in the form of 3.03%. A week ago this type of mortage loan averaged a rate of 3.07%.
Now, as far as today’s domestic economic reports are concerned, the February’s Employment Situation Report was published by the Bureau of Labor Statistics, which showed that U.S. non-farm payrolls rose by 295,000 last month, a strong figure, considering the consensus expectation fo 235,000 jobs. Also the unemployment rate fell by 0.2% to 5.5% in February, according to the latest data. As a consequence of the strong jobs report, bonds are selling off, which most likely will drive mortgage rates higher at the end of the day.
With regards to mortgage rates at U.S. lenders this Friday, the 30-year fixed home purchase loan is available at Bank of America (NYSE:BAC) at a rate of 3.875%. The 15-year home mortgage, which could be suitable option for those who want to pay off debt faster, is quoted at a rate of 3.125%. Moving on to today’s home refinance rates at this lender, the 30-year FRM is now hovering at 4.000%. Others, who prefer the 15-year fixed loan for refinancing purposes, will see this type of loan carrying 3.125% interest cost.
Under Wells Fargo’s (NYSE:WFC) home loan program the 30-year fixed mortgage is up for grabs at a rate of 4.125% on Friday. The 15-year conventional home loan, which features a fixed interest rate during its term, is coming out at a rate of 3.500%. Among the bank’s popular home refinancing options we can mention the 30-year fixed refi loan, which is listed at a rate of 4.125%. Those looking to take on the 15-year FRM, may find the current rate appealing, as it starts at 3.500%.
Heading over to Citi Mortgage (NYSE:C), the loan originator’s 30-year fixed conventional loan for home purchase is quoted at 3.750%. The lender’s shorter-term, 15-year home purchase mortgage could be a suitable choice for certain borrowers, as it can be secured at a rate of 3.000%. Citi Mortgage also offers several loans for mortgage refinancing purposes, including the long-term, 30-year fixed mortgage. Today, this type of loan plans are starting at a rate of 3.875%. Another alternative is the 15-year home refi loan, which currently has an asking rate of 3.125%.
If you are looking for a mortgage, but you haven’t locked your rate prior to Friday’s job report, then chances that you will see higher mortgage rates at many lenders by Monday. Still, rates on 30-year fixed mortgages have been below 4% since November, which are close to historic lows.
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.