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For Immediate Release
Rates Surge Toward 5 Percent After Jobs Report
July 5, 2013
Market Summary
Mortgage rates were able to eke out modest gains to start the week, but started moving higher ahead of the Independence Day holiday and Friday's important Jobs report. Those moves were nothing compared to those that followed the Jobs data as rates exploded higher by almost half a point by Friday afternoon. 30yr Fixed best-execution rates moved up to a range of 4.75-4.875% after hitting lows of 4.375% on Monday.
"Week before last was the worst week for rates in 10 years and now Friday stands as the single worst day in 10 years. As feared, last week's mini recovery proved to be a classic case of consolidation ahead of a larger move. Could rates have held their ground if the Jobs report was bad enough? Probably so, but bond markets were overwhelmed by the combination of 2 previous months of solid upward revisions along with June's better-than-expected headline. No one knows what to expect next week given that many market participants will be returning from time off this week. It continues to be impossible to rule out further moves higher despite the rapidity of the recent rise."
-Matthew Graham, Rates Strategist, Mortgage News Daily
Real-time Average Rates
| Rate Product |
Current |
1 Week Change |
1 Year Change |
| 30 Yr FRM |
4.73% |
+0.32% |
+1.03% |
| 15 Yr FRM |
3.83% |
+0.20% |
+0.85% |
| FHA 30 Year Fixed |
4.56% |
+0.31% |
+0.95% |
| Jumbo 30 Year Fixed |
4.78% |
+0.36% |
+0.69% |
| 5/1 Yr ARM |
3.25% |
+0.24% |
+0.27% |
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Rates as of: Friday, July 5, 2013
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Week in Review
* Rates shown based on 30 Year Fixed Rate Mortgage
Monday, July 1, 2013 : 4.35% (-0.06%)
Mortgage rates continued lower today, extending a recovery from recent 2-yr highs that peaked last Monday. Lenders got on board with said recovery at varying rates with some not showing signs of improvement until last Wednesday. Since then, there's been a broad move lower, shaving off at least a quarter of a point in rate for most lenders. This brings the 30yr Fixed best-execution to 4.375% for the first time in over 2 weeks.
Tuesday, July 2, 2013 : 4.37% (+0.02%)
Mortgage rates leveled off today, with most lenders roughly in line with yesterday's offerings while others were slightly higher in cost. These were some of the tamest day-over-day changes we've seen over the past two months, and any rate that was quoted yesterday should still be available today, albeit with minimal increases in borrowing costs in some cases. This means that the 30yr Fixed best-execution rate remains at 4.375% for only the second day in two weeks.
Wednesday, July 3, 2013 : 4.43% (+0.06%)
Mortgage rates moved higher today, and more convincingly compared to yesterday's moderate weakness. Despite the fact that this move is still in line with a broader 'leveling-off' process following recent multi-year highs at the end of June, the swifter pace today means that some borrowers may be looking at a higher quoted rate. Conventional 30yr Fixed best-execution rates generally moved back up to 4.5% today though paying extra closing costs in order to move lower in rate can make good sense depending on your scenario.
Friday, July 5, 2013 : 4.73% (+0.30%)
Historical data has its limitations when it comes to mortgage rates. For instance, the longest-running series are only updated once a week, making it hard to determine exactly where an individual day falls in the record books. Even then, today's rise in mortgage rates is among the largest ever, and certainly the largest in the past 10 years. Today alone, rates rose more than most entire weeks. Conventional 30yr Fixed best-execution rates moved forcefully into 4.75% territory, with some lenders at 4.875%. That means that any rate quoted on Wednesday would be roughly 0.375% higher today--brutally ironic considering the most mainstream weekly rate survey from Freddie Mac noted that rates "reversed course and ticked down" on Wednesday.
30 Year Fixed Rate Mortgage
15 Year Fixed Rate Mortgage
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Members of the Media
Issued Wednesday AM, this weekly report is the most comprehensive and accurate of it's kind. It includes:
- This Week's Market Analysis - Real-time Mortgage Rates - The Complete Week in Review - Charts for the 15 and 30 Year FRM If you have suggestions, questions or would like to schedule an interview with one of our market analysts please contact us here.
Today's Average Rates
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30 Yr FRM
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4.73%
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+0.30
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15 Yr FRM
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3.83%
|
+0.21
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FHA 30 Year Fixed
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4.56%
|
+0.31
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Jumbo 30 Year Fixed
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4.78%
|
+0.37
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5/1 Yr ARM
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3.25%
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+0.22
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National Averages
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15 Yr. Fixed
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3.03%
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0.84
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+0.07
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30 Yr. Fixed
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3.77%
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1.20
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+0.03
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30 Yr. Fixed
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4.58%
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0.43
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+0.12
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15 Yr. Fixed
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3.64%
|
0.44
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+0.09
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30 Yr. Jumbo
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4.68%
|
0.38
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+0.16
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30 Yr. FHA
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4.27%
|
0.44
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+0.07
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5/1 ARM
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3.33%
|
0.31
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+0.27
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30 Yr. Fixed
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4.29%
|
0.70
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-0.17
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15 Yr. Fixed
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3.39%
|
0.70
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-0.11
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1 Yr. ARM
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2.66%
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0.40
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+0.00
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5/1 Yr. ARM
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3.10%
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0.70
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+0.02
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* FHFA averages are updated monthly.
** Mortgage Bankers Association (each Wednesday) and Freddie Mac (each Thursday) averages are updated weekly.
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Secondary Markets
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30YR FNMA 3.0
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94.92
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-2.31
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30YR FNMA 3.5
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98.95
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-2.00
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30YR GNMA 3.0
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95.64
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-2.86
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30YR GNMA 3.5
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99.55
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-2.25
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15YR FNMA 3.0
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101.55
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-1.23
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15YR FNMA 2.5
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98.42
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-1.72
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2 YR
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0.3988%
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+0.0356
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5 YR
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1.6061%
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+0.1904
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10 YR
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2.7305%
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+0.2273
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30 YR
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3.7033%
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+0.2102
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Prices as of: 7/5/2013 4:31PM EST
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