Rates Rise with January Employment Report
February 11th, 2015
Interest rates have moved up about .125% in the past week – largely due to a mortgage backed security sell off on Friday after the January employment report was released.
The strong job creation numbers had investors move their money from bonds into stocks and interest rate pricing suffered as a consequence.
30 year fixed rates are now available at 3.625% paying .9 points (3.80% APR), and 3.875% paying 0 points (3.9% APR). 15 year fixed rates are now available at 2.875% paying .96 points (3.07% APR), and 3.125% paying 0 points (3.2% APR). (for well qualified borrowers – 740+ credit score, 75% LTV or less)
Overall – concern over Greece and the employment numbers are weighing on interest rates and most experts I follow recommend locking over floating.
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Below are today’s interest rates. Have a great week!!
BEST VALUE OF THE WEEK:
20 Year Fixed at 3.625% paying 0 points
15 Year Fixed at 3.125% paying 0 points
TODAY’S INTEREST RATES:
30 year fixed: 3.625% – .9 points (3.8% APR), 3.875% – 0 points (3.9% APR)
20 year fixed: 3.5% – .69 points (3.63% APR), 3.625% – 0 points (3.64% APR)
15 year fixed: 2.875% – .96 points (3.07% APR), 3.125% – 0 points (3.13% APR)
10 year fixed: 2.75% – 1 point (2.95% APR), 3.0% – 0 points (3.05% APR)
5/1 ARM: 2.875% – .91 points (3.06% APR), 3.25% – 0 points (3.28% APR)
7/1 ARM: 3.125% – .72 points (3.26% APR), 3.375% – 0 points (3.4% APR)
30 year fixed FHA: 3.25% – 1 point (4.15% APR), 3.5% – 0 points (4.2% APR)
15 year fixed FHA: 2.75% – .45 points (3.14% APR), 2.875% – 0 points (3.175% APR)
30 year fixed VA: 3.375% – .64 points (3.5% APR), 3.5% – 0 points (3.55% APR)
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Rates Rise with January Employment Report