Current Mortgage Rates Roundup for March 3, 2015

Current Mortgage RatesMortgage interest rates increased sharply yesterday, as mortgage-backed securities (MBS), which most directly impact rates, sold off. Although, initially we didn’t anticipate much movement for mortgage rates on Monday, due to the mixed nature of domestic economic reports, eventually the selling pressure on bonds picked up, which led to an uptick in mortgage rates. During the day most lenders revised their rate sheets with higher rate levels.

For the next two days it’s very likely that mortgage interest rates will move in one direction – sideways. As we mentioned earlier, Friday’s employment report could have a significant impact on interest rates. The upcoming job’s data could pose a definite risk for mortgage rates this week, so if you are contemplating getting a mortgage these days, probably it’s better to lock a rate ahead of Friday’s employment report.

As far as today’s economic data is concerned, we won’t get much that could potentially impact markets. Fed Chair Janet Yellen will speak about bank regulation tonight at the Citizens Budget Commission’s Annual Awards Dinner in New York City. We believe, that this speech will have a negligible impact on rates. Yellen already spoke about the Fed’s future plans on raising rates before the Congress last week, and it’s unlikely that she will address anything in connection to the Fed’s monetary policy tonight.

A key factor that keeps U.S. mortgage rates at low levels these days is that European bond yields trended lower last year. The details of the European Central Bank’s future montery plans are expected to be announced later this week. If the ECB introduces a quantitatve easing program, there’s a chance that we may see further slide in bond yields. And if this happens, it could ultimately have a positive effect on U.S. mortgage rates. However, it’s very difficult to predict the ECB’s plans and how markets will react. So we shall wait and see how this one plays out.

We are seeing upticks in mortgage rates at several U.S. lenders today, including Bank of America (NYSE:BAC), where the 30-year fixed home mortgage is quoted at 3.750% this morning, an increase of 0.125% compared to yesterday’s level. The 15-year home purchase loan is available at a rate of 2.875%. Under BofA’s refinance loan portfolio, the 30-year FRM is coming out at a rate of 3.875% on Tuesday. The 15-year version of this refi loan is carrying 3.000% interest cost.

At Quicken Loans, the 30-year conventional mortgage loan, which can be used for home refinancing purposes, is hovering at 3.75%. Those preferring the 15-year home refinance mortgage, can expect to pay 2.99% interest.

Heading over to Wells Fargo (NYSE:WFC), the 30-year fixed loan for home purchase, is listed at a rate of 4.000%. The 15-year fixed counterpart comes with 3.500% interest cost, according to the latest loan information. With regards to mortgage refinancing, the lender’s 30-year FRM plans are starting at 4.125%. A shorter-term option, the 15-year fixed mortgage currently has an asking rate of 3.500%.

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.