Mortgage Rates 7-02-15

By Lisa Robison Updated on 7/2/2015

What will mortgage interest rates do tomorrow? Mortgage professionals are voting in our daily poll.

Mortgage rates climbed slightly today with the release of employment data.  Europe takes second place to job reports.   NFP (non-farm payroll) data was released a day early today because of market closures tomnorrow.   The employment forecast of 230k was missed slightly at 223k, with wages remaining flat, even though there was a prediction of a .02% gain.  June's job growth forecast also was revised down 0.1%.  The reported 60,000 fewer jobs also contributed.  This trend caused traders to view things more favorably and in turn strengthened the bond market.  

MBS and Treasuries responded favorably as well, with 10's going from 2.47 to 2.37.  September is thought to bring an initial Federal rate hike, although the consensus seemed to shift into 2016 this morning.   An increase in the employment data could prompt the Feds to make a quicker move.  Fannie Mae 3.5 MBS rose 3/8ths of a point, and are now at 102-24. Although the stock market has had an increase in selling, bonds have remained fairly steady.       

  

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• 30 year (FRM) rates at 4.126 (+0.04).
• 15 year (FRM) rates at 3.31% (+0.03).
• FHA 30 year Fixed rates at 3.75% (0.00).
• Jumbo 30 year Fixed rates at 3.92% (+0.03).
• 5/1 ARM rates at 3.10% (+0.03).