A Lackluster March Employment Report Sends Today’s Mortgage Rates Lower
today's mortgage rates are lower. In the March Labor Report released by the United States Department of Labor and the Bureau of Labor Statics, non-farm payrolls increased by 88,000 jobs. Most analysts surveyed were expecting a gain of 200,000 jobs.
The number of jobs created were lower than expected but the unemployment rate did fall 0.2 percent, from 7.8 percent down to 7.6 percent. The reason the rate fell was that more people left the work force, either through retiring or just giving up looking for work. The labor force declined by 496,000 in March, and the labor force participation rate decreased by 0.2 percentage point to 63.3 percent.
As a result of a disappointing report, long term Treasury yields declined last week which sent mortgage rates lower this week. 10 year Treasury yields which were over 2.00 percent in early March fell to a low of 1.68 percent after the jobs number was released. Last week, 30 year conforming mortgage interest rates averaged 3.68 percent, which was up from the prior week's average of 3.62 percent.
30 year conforming mortgage rates today are lower, averaging 3.56 percent and probably will fall below 3.50 percent sometime this week. You can already find lenders quoting 30 year rates below the averages. Right now in our rate database, the lowest 30 year refinance rates can be found as low as 3.00 percent to 3.25 percent points.
Current mortgage rates on 15 year conforming loans are averaging 2.78 percent, a sharp decline from last week's average 15 year rate of 2.91 percent. The lowest refinance rates today on 15 year conventional loans in our database are much lower at 2.25 percent with points. Without points the lowest 15 year rates are still below the average at 2.50 percent.
30 year jumbo mortgage rates today are once again below 4.00 percent, averaging 3.94 percent. Last week 30 year jumbo rates were higher, averaging 4.09 percent. Currently, in our database the lowest 30 year jumbo refinance rates quoted by lenders are around 3.375 percent with 3.50 percent with points. The lowest 30 year jumbo refi rates without points are at 3.625 percent.
Jumbo mortgage rates on 15 year loans are averaging 3.37 percent, a decline from last week's average 15 year jumbo rate of 3.53 percent. Right now the lowest 15 year jumbo refinancing rates are at 2.75 percent with points and around 3.00 percent with no points.
5 year conventional adjustable mortgage rates are averaging 2.65 percent, a decline from last week's average 5 year jumbo adjustable rate of 2.77 percent. This coming week 5 year adjustable rates will fall below 2.60 percent if long term bond yields continue to decline. The lowest 5 year adjustable refinance rates in our database on conventional loans are at 1.50 percent with points and the lowest 5 year adjustable rate without points are at 1.75 percent.
5 year jumbo adjustable rates are averaging 2.95 percent this week, a decline from last week's average 5 year jumbo adjustable rate of 3.00 percent. The lowest 5 year jumbo refinance rates in our database are much lower at 2.25 percent with points and at 2.50 percent with no points.
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