A Lackluster March Employment Report Sends Today’s Mortgage Rates Lower

Last Friday, a lackluster employment report for the month of March was released and as a result 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.

Loan Type

Purchase Refinance with Cash out Refinance

State

Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware District Of Columbia Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont Virginia Washington West Virginia Wisconsin Wyoming

FICO Score

Superior (780-850) Exceptional (760-779) Excellent (740-759) Very Good (720-739) Good (700-719) Above Average (680-699) Average (660-679) Fair (640-659) Need Improvement (620-639) Poor (350-620)

Loan Amount

$

Points

Up to 0 points Up to 0.5 points Up to 1 points Up to 1.5 points Up to 2 points Up to 2.5 points Up to 3 points

LTV

%

Loan Term

 15-Year Fixed  20-Year Fixed  30-Year Fixed  5-Year ARM  7-Year ARM  10-Year ARM

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The lenders whose rates and other terms appear on this chart are ICB's advertising partners. They provide their rate information to our data partner RateUpdate.com. Unless adjusted by the consumer, advertisers are sorted by APR from lowest to highest. For any advertising partners that do not provide their rate they are listed in advertisement display units at the bottom of the chart. Advertising partners may not pay to improve the frequency priority or prominence of their display. The interest rates, annual percentage rates and other terms advertised here are estimates provided by those advertising partners based on the information you entered above and do not bind. Any lender Monthly payment amounts stated do not include amounts for taxes and insurance premiums. The actual payment obligation will be greater if taxes and insurance are included. Although our data partner RateUpdate.com collects the information from the financial institutions themselves, the accuracy of the data cannot be guaranteed. Rates may change without notice and can change intraday. Some of the information contained in the rate tables including but not limited to special marketing notes is provided directly by the lenders. Please verify the rates and offers before applying for a loan with the financial institution themselves. No rate is binding until locked by a lender.

Lender

APR / Rate

Fees / Points

Payment

NMLS #1835285

5.353%

15-Year Fixed

5.125%

$6,000

Includes 1.000 points for $4,000

Lender Fees: $2,000

$3,190 /mo

Next >

NMLS #401822

5.554%

15-Year Fixed

5.250%

$8,000

Includes 1.000 points for $4,000

Lender Fees: $4,000

$3,216 /mo

Next >

NMLS #1025894

5.634%

15-Year Fixed

5.490%

$3,760

Includes 0.765 points for $3,060

Lender Fees: $700

$3,267 /mo

Next >

NMLS #6606

5.884%

15-Year Fixed

5.740%

$3,732

Includes 0.933 points for $3,732

Lender Fees: $0

$3,320 /mo

Next >

NMLS #1835285

6.266%

30-Year Fixed

6.125%

$6,000

Includes 1.000 points for $4,000

Lender Fees: $2,000

$2,431 /mo

Next >

NMLS #1835285

6.371%

5-Year ARM

6.250%

$5,112

Includes 0.778 points for $3,112

Lender Fees: $2,000

$2,463 /mo

Next >

NMLS #1025894

6.582%

30-Year Fixed

6.490%

$3,856

Includes 0.789 points for $3,156

Lender Fees: $700

$2,526 /mo

Next >

NMLS #6606

6.715%

30-Year Fixed

6.625%

$3,708

Includes 0.927 points for $3,708

Lender Fees: $0

$2,562 /mo

Next >

NMLS #401822

6.746%

30-Year Fixed

6.625%

$4,995

Includes 0.750 points for $3,000

Lender Fees: $1,995

$2,562 /mo

Next >

NMLS #3030

6.784%

15-Year Fixed

6.625%

$4,000

Includes 1.000 points for $4,000

Lender Fees: $0

$3,512 /mo

Next >

NMLS #3030

7.476%

30-Year Fixed

7.375%

$4,000

Includes 1.000 points for $4,000

Lender Fees: $0

$2,763 /mo

Next >

Rate data provided by RateUpdate.com. Displayed by ICB, a division of Mortgage Research Center, NMLS #1907, Equal Housing Opportunity. Payments do not include taxes and insurance premiums. Actual payments will be greater with taxes and insurance included. Rate and product details.

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.