Interest rates for 30-year and 15-year fixed home loans crept higher, while 5/1 ARMs were unchanged, according to a NerdWallet survey of mortgage rates today.
After Friday’s upbeat employment report, the S&P 500 set another record high. Rising stocks can often push bond prices down and interest rates up.
“Generally speaking, stock weakness usually makes bonds more attractive while stock gains tend to draw funds from bonds, leading to higher mortgage rates,” Al Bowman, a mortgage rate analyst with Mortgage Commentary Services in Tampa, wrote Monday in an analysis for clients. He urges clients to keep an eye on stocks for clues to mortgage rate movement.
Bowman says Friday looks to be “the best candidate for most active day” for mortgage rates, when three economic reports are set to be released.
“Maintain contact with your mortgage professional if [you’re] still floating an interest rate and closing in the near future,” Bowman advises.
MORTGAGE RATES TODAY, TUESDAY, MAY 9:
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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.