Mortgage Rates Friday, Aug. 4: Rates Lift Following Strong Jobs Report
Mortgage rates for 30-year fixed loans rose two basis points, while 15-year fixed loans and 5/1 ARMs each were up by one basis point, according to a NerdWallet survey of daily mortgage rates published by national lenders Friday morning.
Despite the uncertainty surrounding the deepening probe into the Trump administration's possible connections with Russia, the U.S. job market has continued to gain steam in the past six months.
Today, the Bureau of Labor Statistics reported an increase of 209,000 jobs in July. While the July number is slightly lower than the 231,000 jobs added in June, it far exceeded economists' expectations. The unemployment rate dipped to 4.3%, down from 4.4% last month and from 5.1% last July. The July report also indicated that hourly wages rose 9 cents year over year, an increase of 2.5%.
The results of the monthly employment report can create mortgage rate volatility, but July's numbers brought only slight increases so far this morning.
MORTGAGE RATES TODAY, Friday, Aug. 4:
(Change from 8/3)
30-year fixed : 4.03% APR ( +0.02 )
15-year fixed : 3.44% APR ( +0.01 )
5/1 ARM : 3.88% APR ( +0.01 )
NerdWallet daily mortgage rates are an average of the published annual percentage rate with the lowest points for each loan term offered by a sampling of major national lenders. APR quotes reflect an interest rate plus points, fees and other expenses, providing the most accurate view of the costs a borrower might pay.
The article Mortgage Rates Friday, Aug. 4: Rates Lift Following Strong Jobs Report originally appeared on NerdWallet.