Better economic news has pushed mortgage rates higher going into the second week of March. The most recent monthly jobs report released on Friday was better than expected and the news helped propel the stock market and put a damper on the bond market. As mortgage bonds sold off mortgage rates moved higher.
Mortgage rates have been fluctuating modestly over the past few weeks with a overall bias to the upside. Investor sentiment and economic news has indicated that the U.S. economy was improving and the global economy was stabilizing which has put pressure under bank rates. The better than expected jobs number confirmed the feeling that the US economy is on the rise with a solid foundation in an improving employment market and housing sector. The improving economic picture put greater pressure on the bond market and rates ticked up measurably on Friday.
As of yet, the U.S. economy has not seen a measurable pick up in either employment or the housing market while other aspects of the economy have shown improvement. These two sectors are the key to long term, sustained growth. The positive jobs report gave a big boost to the economic puzzle piece and had a definite impact on changing investor sentiment. The investment community seems to have firmly grasped the view that the worst of the economic slowdown is behind us and the economy is firmly on the upswing.
The weekly bank mortgage rate survey for the week ending March 8th conducted by SelectCDrates.com indicated that the 30 year fixed rate mortgage climbed by over 23 basis points or 0.23 percent. The average 30 year mortgage rate in the survey rose to 3.804 percent from 3.568 percent in the week earlier.
The weekly bank mortgage rate survey calculates the average rate for a variety of home loan products form the nations’ largest bank mortgage lenders including Wells Fargo Bank, Chase Bank, Citibank, US Bank, HSBC Bank, Fifth Third Bank, SunTrust Bank, BB&T Bank and others.
Jumbo mortgage rates climbed by a slightly smaller margin compared to the conforming loan limit mortgages. 30 year jumbo mortgage rates increased by just under 19 basis points, rising to 3.973 percent from 3.789 percent in the previous week.
FHA mortgage rates were up by almost 14 basis points. The average FHA loan rate closed the week at 3.570 percent up from 3.428 percent in the prior week.
The 15 year term mortgages were higher by 13 basis points o n the week. The average 15 year mortgage rate in the survey now stands at 2.924 percent compared to 2.792 percent in the week earlier.
The 10 and 20 year home loans moved higher by approximately 20 basis points on the 20 year and 10 basis points for the 10 year over the course of the week. The average rate on these two home loan products is now at 2.850 percent for the 10 year term loan and 3.704 percent for the 20 year mortgage loan.
To review the latest mortgage rates and loan costs from the top bank mortgage lenders in this week’s bank mortgage rate survey dated March 8, 2013 see the following mortgage rate tables: 30 year mortgage rates, 15 year mortgage rates, 20 year mortgage rates, 10 year mortgage rates, FHA mortgage rates and jumbo mortgage rates.