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Mortgage Rates Head Lower Today on Weak Jobs Report

Mortgage rates are lower today and look to be headed even lower in the coming week thanks to a weak jobs report released this past Friday. Fixed conforming mortgage rates and fixed jumbo mortgage rates today are all lower. Only 88,000 private payroll jobs were created last month while the government payroll shrank once again in June losing 4,000 jobs. Economists were expecting a net gain of 100,000 jobs in June.

Smaller government has kept the unemployment rate higher and has kept the monthly job gains number lower in the Bureau of Labor Statistics' Employment Situation Summary reports. For the past several months the ADP monthly job gain number has been considerably higher than the government's number since the ADP number only contains private payroll jobs. ADP's recent report showed job gains of 176,000 last month.

Current mortgage rates on 30 year conventional loans are averaging 3.62 percent, down from an average 30 year mortgage rate of 3.66 percent. Currently on our rate tables in Austin, Texas, there are several lenders offering 30 year mortgage rates below the average rate.

Aimloan is offering 30 year rates at 3.29 percent with points. You can search for and compare the best mortgage rates or refinance rates in your area by using our rate tables.

Today's mortgage rates on 15 year conventional home loans are averaging 3.01 percent, down from an average 15 year mortgage interest rate of 3.03 percent. I do expect average 15 year rates to head back below 3.00 percent this week. There are lenders already offering 15 year refinance rates below 3.00 percent on our rate lists.

Jumbo 30 year mortgage rates today are averaging 4.25 percent, down from yesterday's average 30 year jumbo mortgage rate of 4.26 percent. Right now on our jumbo mortgage rate list in California several lenders are offering 30 year jumbo mortgage rates just above 4.00 percent and one lender is offering 30 year jumbo rates at 3.99 percent.

Average 15 year jumbo mortgage rates currently are back below 3.50 percent averaging 3.48 percent, down from an average 15 year jumbo mortgage rate of 3.52 percent. You guessed it, there are many lenders on our rate lists offering 15 year jumbo mortgage rates below the average.

Mortgage rates todays on 5 year adjustable conforming loans are averaging 2.70 percent, down from an average 5 year adjustable mortgage rate of 2.71 percent. Current 5 year jumbo adjustable mortgage rates are averaging 2.83 percent, unchanged from yesterday's average 5 year jumbo adjustable rate. I haven't checked on adjustable rates on our tables but I bet you can find rates below the averages.
Author: Jason P. Jones
July 8th, 2012