Mortgage rates for 30-year and 15-year fixed loans crept higher, while 5/1 ARM home loan rates were unchanged, according to a NerdWallet survey of daily mortgage rates published by national lenders Monday morning.
Friday’s positive jobs report was “strong enough to keep the Fed on course” with future short-term interest rate hikes, according to Scott Anderson, chief economist for Bank of the West. The Fed is likely to announce the start of a reduction in its portfolio of government bonds in September — and a December rate increase is “on the table,” Anderson said in an analysis.
Danielle Hale, chief economist for Realtor.com, said the jobs report was “good news” for home buyers.
“A strong job market and extra dollars in the pockets of many workers should further bolster consumer confidence in the current economic situation and outlook,” Hale said in a statement released Friday. “This is particularly important for home buyers, who often finance their purchase over 30 years and are most likely to buy when they have a good job today and see strong prospects in the future.”
MORTGAGE RATES TODAY, MONDAY, Aug. 7:
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.