U.S. economy adds 311,000 jobs in February

In February, the U.S. labor market surpassed expectations by generating over 311,000 new jobs, despite persistent inflation and aggressive interest rate hikes by the Federal Reserve. Although a slowdown from the prior month’s blockbuster showing, economists had expected to see just 225,000 new jobs added to the economy last month.

The unemployment rate, however, rose to 3.6%, above the expectation of 3.4%, according to the Bureau of Labor Statistics.

Today’s Mortgage Rates: March 10, 2023

This week, interest rates decreased slightly. Today’s average mortgage rates are as follows:

• 30 Yr. Fixed: 6.75%
• 15 Yr. Fixed: 6.20%
• 30 Yr. Jumbo: 6.22%
• 5/1 ARM: 6.35%
• 30 Yr. FHA: 6.25%

DISCLAIMER: ALL LOANS ARE SUBJECT TO CREDIT APPROVAL. INTEREST RATES ARE SUBJECT TO CHANGE DAILY AND WITHOUT NOTICE. CURRENT INTEREST RATES SHOWN ARE INDICATIVE OF MARKET CONDITIONS AND INDIVIDUAL QUALIFICATIONS AND WILL VARY UPON YOUR LOCK-IN PERIOD, LOAN TYPE, CREDIT SCORE, LOAN TO VALUE, PURPOSE, AND LENDING SOURCE.

30-year fixed-rate mortgages

The 30-year fixed mortgage now has an interest rate of 6.75%, indicating a 10 basis point decrease from the previous week. The 30-year fixed-rate mortgage is the most popular type of fixed-rate mortgage and the most common mortgage term in the U.S. Despite carrying a higher interest rate compared to the 15-year fixed-rate mortgage, it provides a more feasible monthly payment. While a 30-year fixed-rate mortgage may cost more in interest over the loan’s lifespan, the monthly mortgage payments are easier to manage.

15-year fixed-rate mortgages

The 15-year fixed mortgage currently has an average interest rate of 6.20%, which is 5 basis points lower than the previous week. In contrast to a 30-year fixed-rate mortgage, a 15-year fixed-rate mortgage offers a shorter repayment term, which may result in a higher monthly payment but less interest paid overall.

30-year jumbo mortgages

The interest rate for a 30-year fixed jumbo loan remains at 6.25%. Jumbo loans typically carry higher interest rates compared to conventional loans because you’re borrowing a larger amount. However, due to current economic conditions, jumbo loan rates are currently 50 basis points lower than 30-year fixed loan rates.

5/1 adjustable-rate mortgages

The 5/1 adjustable-rate mortgage (ARM) holds an average interest rate of 6.35%, indicating a 2 basis point increase from last week. Generally, adjustable-rate mortgages have lower rates than fixed-rate mortgages. However, currently, the 5/1 ARM’s average interest rate is 40 basis points lower than the average 30-year fixed-rate mortgage. One crucial element of adjustable-rate mortgages is that their interest rates can fluctuate based on the loan’s terms and market conditions. If you intend to sell or refinance your property before the rate adjusts, selecting an ARM might be a sensible decision. However, if you don’t, you could wind up with a higher interest rate if market rates increase.

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