Mortgage interest rates for 30-year and 15-year fixed loans moved higher, while 5/1 ARMs held firm, according to a NerdWallet survey of mortgage rates published by national lenders Monday morning.
A report on manufacturing activity, released mid-morning, beat analysts’ expectations. That good economic news, and a surging stock market, are nudging rates higher today.
The bond market, the engine that drives mortgage rates, is open for only a short day of trading today. Potential home buyers can use the break. Fixed-interest-mortgage rates have risen to their highest levels since the middle of May.
But after the Independence Day break, things could really heat up. The U.S. jobs report for June — an important benchmark that often steers mortgage rates — will be issued Friday. A strong report could send rates even higher.
MORTGAGE RATES TODAY, MONDAY, JULY 3:
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.
Hal Bundrick is a staff writer at NerdWallet, a personal finance website. Email: firstname.lastname@example.org. Twitter: @halmbundrick.