The monthly jobs report for June was released on July 3rd and the data sent the stock market higher with mortgage rates running up right behind them.  A better than expected report on job growth in June drove interest rates higher as the market repositioned based on the expectations of higher consumer demand, higher rates of inflation, and increased loan rates in the future.  With the monthly jobs report surpassing the market consensus forecast by a measurable amount, some economists are already expecting the Fed to raise rates sooner than initially anticipated.

The good news for new home loan borrowers was the rate increases for new mortgages were far from going off the charts due to the unexpectedly positive jobs numbers.  The average 30 year fixed rate mortgage climbed by just 11.7 basis points or 0.117 percent.  30 year mortgage rates coming from the nation’s largest bank mortgage lenders increased, on average, to 4.269% from 4.152% in the previous week.  Other popular home financing loan costs were up comparable amounts.

The 30 year jumbo loan rate in the current mortgage rate survey increased by 12.5 basis points.  The average 30 jumbo mortgage rate closed the week at 4.225% after settling at 4.100% in the previous week.  30 year FHA rates made a similar upside move, rising by almost ten basis points to 4.030% from 3.933% at the end of June.    
Short term mortgage rates were a little more volatile.  The average 15 year conforming mortgage rate made a 14 basis point increase which pushed 15 year loan rates to 3.419% from 3.280% in the preceding week.  Ten year mortgage rates climbed past the 3.00% threshold over the course of the week, rising to 3.129% percent from 2.992% in the week.  The less popular, 20 year term mortgage, moved up by 15 basis points to end the week at 4.082%.

The mortgage rate information obtained in the weekly mortgage survey assumes the purpose of the mortgage loan is to purchase an existing single family home as a primary residence with a loan amount of $250,000 and an estimated property value of $325,000.  The current mortgage interest rates found in the survey may change and are subject to change based on location, geography and other terms and conditions.

To review the latest mortgage rates and loan costs from the top bank mortgage lenders in this week’s bank mortgage rate survey dated July 3rd, 2014 please 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, all mortgage rates, and jumbo mortgage rates.

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