Thursday, August 12, 2021

The rates are now taking turns and disappointing borrowers, who were booming with joy because the rates were trending low. However, the rates have completely reversed since last week, adding to the dismay of borrowers. According to Bankrate, the rates for today are as follows:

·       30-year fixed mortgage rate: 3.050% for home purchase and 3.040% for refinance

·       15-year fixed mortgage rate: 2.350% for home purchase and 2.330% for refinance

·       5/1 ARM: 2.800% for home purchase and 2.700% for refinance

·       30-year fixed-rate jumbo mortgage rate: 3.080% for home purchase and 3.050% for refinance

What Is the Trendline?

30-year fixed-rate mortgage

Since yesterday, the rates are the same. However, the rates are up by nine basis points compared to last week. This change is the result of rising economic growth and favorable job employment reports in the coming week. Moreover, the treasury yields on a 10-year bond also rise, signaling mortgage rates to go up.

Similarly, the refinance rates of a 30-year-old mortgage are also up by ten basis points since last week. The reasons are the same as mentioned earlier. Since the businesses are re-opening, experts are expecting rates to rise further. Fortunately, the rates are still within the borderline of 3%, signaling an ideal opportunity for refinancing.

15-year fixed-rate mortgage

Since yesterday, the rates are up by one basis point. However, the rates are up by nine basis points since last week. Similarly, the refinance rates are also up by eight basis points since last week. The most favorite option of borrowers is rising quickly. Therefore, it’s important to refinance soon if you haven’t yet.

5/1 ARM

Since yesterday, the rates are totally the same. However, they are up by an insignificant one basis point compared to last week.

30-year fixed-rate jumbo mortgage

Since yesterday, the rates are up by one basis point, while they are up by eleven basis points since the last week. The change is quite massive, and a potential borrower would have to pay an additional $6 monthly. The refinance has also risen, so it’s better to refinance early before the rates are too high to afford.

Endnote

Experts were predicting since last month that rates would go up. While the previous month experienced a streak of low rates, the rates are gaining momentum in August. Nevertheless, it’s still an ideal opportunity to refinance and check for suitable quotes at the rate checker.