Advertiser Disclosure

Mortgage Rates Today, Monday, Aug. 8: Rising After Strong Jobs Report

August 8, 2016
Mortgage Rates, Mortgages
Mortgage Rates Today, Friday, Nov. 4: Jobs Report 'Seals the Deal' for a Fed Rate Hike
At NerdWallet, we adhere to strict standards of editorial integrity to help you make decisions with confidence. Some of the products we feature are from our partners. Here’s how we make money.
We adhere to strict standards of editorial integrity. Some of the products we feature are from our partners. Here’s how we make money.

Thirty-year fixed mortgage rates are sharply higher Monday, 15-year fixed home loans are also up, as are 5/1 ARMs, according to a NerdWallet survey of mortgage rates posted by national lenders this morning.

As expected, the bond market sagged following Friday’s robust jobs report, pushing yields — and mortgage rates — higher. Average pricing for 5/1 ARMs is now at its highest level since June 1.

Rising mortgage rates and higher home prices

Friday’s U.S. employment report was a rare combination of a strong headline combined with “few blemishes in the details,” according to Doug Duncan, chief economist for Fannie Mae. He said the better than anticipated jobs report also signals even higher home prices.

“With upward revisions to prior months’ job gains, annual wage growth tying a seven-year best, an improved participation rate and a longer workweek, the report gives support to those on the Fed hoping to increase rates this year, especially if the numbers are supported in future releases,” Duncan said in a statement. “Strengthening job and wage growth are positives for the demand side of the housing market, but weak residential construction hiring is worrisome from a supply perspective. Together, these developments suggest continued strong home price appreciation.”

The NerdWallet Mortgage Rate Index compiles annual percentage rates — lender interest rates plus fees, the most accurate way for consumers to compare rates. Here are today’s average rates for the most popular loan terms:

Purchase Mortgage Rates: Aug. 8, 2016

(Change from 8/5)

30-year fixed: 3.63% APR (+0.05)

15-year fixed: 3.03% APR (+0.03)

5/1 ARM: 3.48% APR (+0.01)

 


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

NerdWallet daily mortgage rates are an average of the published APR with the lowest points for each loan term offered by a sampling of major national lenders. Annual percentage rate quotes reflect an interest rate plus points, fees and other expenses, providing the most accurate view of the costs a borrower might pay.

More from NerdWallet
Compare online mortgage refinance lenders
Compare mortgage refinance rates
Find a mortgage broker

Hal Bundrick is a staff writer at NerdWallet, a personal finance website. Email: hal@nerdwallet.com. Twitter: @halmbundrick.