Mortgage Rates vaulted higher March 8th at their fastest pace since late January, after the Employment Situation showed an unexpectedly high number of jobs created in February, according to MORTAGE NEWS DAILY. This brings 30yr Fixed Best-Execution up to 3.75% for the first time since May 2012. Lenders are still offering lower rates, but at greatly increased costs. For every $100k in loan amount, you’d pay an extra $700 of closing costs to keep yesterday’s rates at an average lender. On average, the costs associated with 3.625% March 7 are the same costs associated with 3.75% on March 8.
March 8 Best-Execution Rates
- 30YR FIXED – 3.75%
- FHA/VA – 3.375-3.5% (varies more between lenders than conventional 30yr Fixed)
- 15 YEAR FIXED – 3.00%
- 5 YEAR ARMS – 2.625-3.25% depending on the lender