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Mortgage Rates Today Increase on Strong Jobs Report: 30 Year Rates at 3.61%

A surprisingly strong July jobs report released on Friday sent bond yields up 10 basis points and as result average conforming mortgage rates today are higher. The consensus was for the creation of 100,000 jobs in July but the official number came in at 163,000 in the Department of Labor's Employment Situation Summary for July.

Bond yields rose 10 basis points on the news to 1.58 percent. Since mortgage rates offered by lenders are tied to 10 year bond yields average rates have increased as well.



Current mortgage rates on 30 year conforming loans are up to 3.61 percent. An increase from yesterday's average 30 year conforming mortgage rate of 3.58 percent. Average 30 year mortgage rates have gone up two consecutive days and up from an all-time record low of 3.55 percent set a few days ago.

There are lenders offering 30 year refinance rates lower than the averages on our rate tables. Depending on the state you live in some lenders are offering rates as low as 3.25 percent with 2 mortgage points. Points allow the borrower to get a lower mortgage rate by paying money at closing. Points can be rolled into a loan.

Today's mortgage rates on 15 year conforming loans are averaging 3.00 percent, up from an average 15 year mortgage rate of 2.98 percent. Mortgage rates today on 15 year loans are also up from an all-time record low 2.96 percent set earlier this week.

Currently on our rate table there are several lenders offering 15 year refi rates below 3.00 percent. One lender on the East Coast is offering 15 year refinancing rates as low as 2.375 percent with points. Search our rate tables for the best 15 year refinance rates today.

Jumbo mortgage rates currently are lower but will probably head higher over the weekend or early next week since bond yields are higher. Jumbo mortgage rates current on 30 year jumbo loans are averaging 4.20 percent, down from an average 30 year jumbo mortgage rate of 4.21 percent.

Right now on our jumbo mortgage rates list for California there are several lenders offering 30 year jumbo rates below 4.00 percent. Home Loan Enterprise is offering jumbo rates at 3.75 percent with 1.75 points and CitiBank is offering 30 year jumbo rates at 3.88 percent with zero points.

Today's mortgage rates on 15 year jumbo home loans are also lower today averaging 3.42 percent. Average 15 year jumbo mortgage interest rates are down from an average rate of 3.45 percent.
 
Author: Robert Till
August 4th, 2012