Mortgage Rates Monday, July 3: Fixed Rates Rise Again

Mortgage interest rates for 30-year and 15-year fixed loans moved higher, while 5/1 ARMs held firm, according to a NerdWallet survey of mortgage rates published by national lenders Monday morning.

A report on manufacturing activity, released mid-morning, beat analysts’ expectations. That good economic news, and a surging stock market, are nudging rates higher today.

The bond market, the engine that drives mortgage rates, is open for only a short day of trading today. Potential home buyers can use the break. Fixed-interest-mortgage rates have risen to their highest levels since the middle of May.

But after the Independence Day break, things could really heat up. The U.S. jobs report for June — an important benchmark that often steers mortgage rates — will be issued Friday. A strong report could send rates even higher.

MORTGAGE RATES TODAY, MONDAY, JULY 3:

(Change from 6/30)
30-year fixed: 4.12% APR (+0.04)
15-year fixed: 3.52% APR (+0.04)
5/1 ARM: 3.89% APR (NC)

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NerdWallet daily mortgage rates are an average of the published annual percentage rate with the lowest points for each loan term offered by a sampling of major national lenders. APR 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. Email: [email protected] Twitter: @halmbundrick.

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The article Mortgage Rates Monday, July 3: Fixed Rates Rise Again originally appeared on NerdWallet.

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