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Mortgage Rates Friday, July 7: Little Change After Jobs Report

July 7, 2017
Finding the Right Mortgage, Mortgage Rates, Mortgages
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Mortgage rates for 30-year fixed loans were unchanged, while 15-year fixed rates ticked lower and 5/1 ARMs moved a step higher, according to a NerdWallet survey of mortgage rates published by national lenders Friday morning.

Homeownership is bolstered by strong employment, and that’s why the monthly U.S. jobs report weighs so heavily on mortgage rates. Today’s Labor Department report for June noted higher job gains than expected but wages growing at a less-than-booming pace.

“The combination of strong home price growth and lack of earnings growth means that homes will continue to get less and less affordable,” Joseph Kirchner, senior economist for, said in a statement. “That decline in affordability — already a major problem — will especially hurt low- to moderate-income households, millennials and other first-time buyers.”

The generally upbeat employment report is not likely to reverse the recent trend of rising mortgage rates — or slow the Federal Reserve’s plan to continue hiking short-term interest rates.


(Change from 7/6)
30-year fixed: 4.17% APR (NC)
15-year fixed: 3.56% APR (-0.01)
5/1 ARM: 3.93% 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.

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Hal Bundrick is a staff writer at NerdWallet, a personal finance website. Email: [email protected] Twitter: @halmbundrick.