Thirty-year fixed mortgage rates are lower, 15-year mortgage rates ticked higher and 5/1 ARM loan rates inched lower Tuesday, according to a NerdWallet survey of mortgage rates published by national lenders this morning.
The discount on 30-year home loans may be the result of lenders repricing their terms following Friday’s modest-growth jobs report.
What Friday’s jobs report means for mortgage rates
The U.S. economy is pedal-to-the-metal one month with a quick foot to the brakes the next. August’s employment report, released Friday, was less robust than economists had expected, especially after July’s stellar tally. Is it enough to prevent the Federal Reserve from hiking short-term interest rates later this month?
“It’s hard to know,” Keith T. Gumbinger, vice president of HSH.com, said in an analysis emailed to clients. “In recent days, important Fed voices seemed to suggest that they would like to move sooner rather than wait, and it bears remembering that the Fed made a move last December amid quiet financial markets and moderating growth. However, it would seem that the markets are unprepared for a move — or at least don’t much expect one to come — and if the Fed does intend to move, we would expect to see increasing rhetoric to this regard in the coming days.”
The NerdWallet Mortgage Rate Index compiles annual percentage rates — lender interest rates plus fees, the most accurate way for consumers to compare rates. Here are today’s average rates for the most popular loan terms:
Mortgage Rates: Sept. 6, 2016
(Change from 9/2)
30-year fixed: 3.64% APR (-0.02)
15-year fixed: 3.09% APR (+0.01)
5/1 ARM: 3.53% APR (-0.01)
Homeowners looking to lower their mortgage rate can shop for refinance lenders here.
NerdWallet daily mortgage rates are an average of the published APR with the lowest points for each loan term offered by a sampling of major national lenders. Annual percentage rate quotes reflect an interest rate plus points, fees and other expenses, providing the most accurate view of the costs a borrower might pay.
Hal Bundrick is a staff writer at NerdWallet, a personal finance website.
The article Mortgage Rates Today, Tuesday, Sept. 6: Lower After Modest Jobs Report originally appeared on NerdWallet.