Fixed mortgage rates fell after a disappointing jobs report, with the benchmark 30-year fixed mortgage rate retreating to 3.64%, according to Bankrate. The average 30-year fixed mortgage has an average of 0.35 discount and origination points.
The average 15-year fixed mortgage rate pulled back to 2.89%, while the larger jumbo 30-year fixed mortgage is at the lowest point of the year, 4.03%.
Adjustable-rate mortgages were lower across the board, albeit more modestly. The 5-year ARM and 7-year ARM are at the lowest levels in the past month, at 2.7% and 2.9%, respectively.
Mortgage rates have now fallen for four consecutive weeks. The pullback started with the banking crisis in Cyprus, continued with a run of uninspiring U.S. economic data, and picked up speed with the weak jobs report. But as the sting of the lousy jobs report slowly wears off, we’ll likely see mortgage rates crawling back over the coming week.
The last time mortgage rates were above 5% was April 2011. At the time, the average 30-year fixed rate was 5.07%, meaning a $200,000 loan would have carried a monthly payment of $1,082.22. With the average rate currently at 3.64%, the monthly payment for the same size loan would be $913.79, a difference of $168 per month for anyone refinancing now.