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Mortgage Rates Friday, May 5: Little Movement After Jobs Report

Mortgage Rates, Mortgages
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Mortgage rates for 30-year fixed loans edged lower, while 15-year fixed and 5/1 ARMs both took a step higher, according to a NerdWallet survey of mortgage rates published by national lenders Friday morning.

The U.S. employment report, released earlier today, found nonfarm employment grew by 211,000 jobs in April, and the unemployment rate slipped to its lowest level in nearly 10 years.

Lawrence Yun, chief economist for the National Association of Realtors, says continuing improvements in the nation’s economy will certainly trigger more interest rate hikes this year.

“This good jobs report for April should dispel any notion of a potential economic recession,” Yun said in a statement issued this morning. “The Federal Reserve will surely raise interest rates two more times before the year ends.”

Doug Duncan, chief economist at Fannie Mae, reached the same conclusion after studying today’s jobs analysis.

“The report is consistent with a faster pace of monetary policy normalization this year and supports our expectation of two rate hikes in June and September,” Duncan said in a statement.


(Change from 5/4)
30-year fixed: 4.18% APR (-0.02)
15-year fixed: 3.55% APR (+0.01)
5/1 ARM: 3.84% APR (+0.01)

» MORE: How much home can you afford?

Homeowners looking to lower their mortgage rate can shop for refinance lenders here.

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: Twitter: @halmbundrick.