Mortgage Rates Today: Thursday, June 2

Mortgage Rates, Mortgages
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On the surface, mortgage rates look little changed today, however, behind the scenes 30-year mortgages got a bit of a price break from some major lenders. While the averages may seem only slightly lower, there are some bargains to be found for the diligent rate shopper.

A NerdWallet survey of mortgage lenders this morning shows the overall daily change in mortgage rates:

Mortgage Rates: June 2, 2016

(Change from 6/1)

30-year fixed: 3.80% APR (-0.02)

15-year fixed: 3.17% APR (-0.01)

5/1 ARM: 3.47% APR (-0.01)

There has been little to motivate movement in the bond market this week, but the U.S. jobs report that will be issued Friday morning could change that.

Small moves in the mid and upper 3% range only underscore the fact that mortgage rates have held below 4% for 16 of the past 17 months, according to the National Association of Realtors.

Lock or float your mortgage rate?

Many industry analysts are expecting volatility in mortgage rates in the coming weeks, especially in light of tomorrow’s employment report — and as we approach the Federal Reserve’s next short-term interest rate decision mid-month.

Any decision to lock a mortgage rate should be based on the borrowers’ risk tolerance and their short- and long-term goals.

NerdWallet daily mortgage rates are an average of the lowest published APR 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 a more accurate view of the costs a borrower might pay.

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