Current Mortgage Rates Roundup for May 7, 2015

Mortgage interest rates improved slightly today, following a steady uptick earlier this week. Now, markets are awaiting tomorrow’s big jobs report, which could easily move interest rates to any direction. There’s always a risk that the upcoming Employment Situation Report will contain some strong figures, that could potentially move markets and eventually have an impact on mortgage rates.

Earlier this morning, mortgage-buyer Freddie Mac published its latest weekly Primary Mortgage Market Survey (PMMS), which revealed that the average interest rate on 30-year fixed mortgages ticked up to 3.80% from the previous 3.68%. Now this marks a 12 basis points increase, however, the responses of the survey were collected in the beginning of the week, so the current data doesn’t entirely reflect the bond sell-off that took place this week.

Current Mortgage Rates Roundup for May 7, 2015

As far as Bankrate’s weekly mortgage survey is concerned, the 30-year fixed mortgage rose to 3.99% this week, an uptick of 16 basis points compared to the previous data from a week earlier. The shorter-term, 15-year FRM headed higher as well, this type of mortgage averaged a rate of 3.17% this week, according to the company’s survey. Also, the interest rate on the 5/1 adjustable rate mortgage jumped this week, and it’s now hovering at 3.19%.

With regards to today’s economic data, weekly jobless claims came in at 265,000, and remains near a 15-year low, the Labor Department reported on Thursday. Now, this figure is much better than the consensus expectation of 280,000.

Refinance at
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Moving on to current mortgage rates at top lenders this Thursday, the 30-year fixed home loan is quoted at Chase (NYSE:JPM) at a rate of 3.750%. Borrowers, who lean toward the shorter, 15-year fixed home purchase loan, will see it being offered at a rate of 3.000%.

Switching to Chase’s current home refinancing options, the 30-year fixed conventional loan is available today at a rate of 4.000%. The lender’s 15-year FRM is coming out at a rate of 3.250%, according to the latest data.

Another major lender, Bank of America (NYSE:BAC), also updated its mortgage loan information for today. At this bank, the 30-year fixed mortgage loan for home purchase is up for grabs at a rate of 3.750%. Those who consider locking the 15-year FRM, can expect to pay 3.000% interest cost.

As far as BofA’s refinance loan interest rates are concerned, the standard 30-year home refinance loan starts at a rate of 4.000%. The shorter-term, but equally popular 15-year refi loan carries 3.000% interest cost.

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.