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Mortgage Rates Today, Friday, Aug. 5: How Today’s Jobs Report Will Move Interest Rates

Thirty-year mortgage rates are unchanged Friday, 15-year fixed home loans moved a tick higher, and 5/1 ARMs were unchanged, according to a NerdWallet survey of mortgage rates posted by national lenders this morning.

There was little direction for mortgage rates prior to this morning’s jobs report. But that report may not be good news for interest rate watchers.

How the jobs report may move mortgage rates

This morning’s U.S. employment report has the potential to influence mortgage rates, as the bond market reacts to the news and lenders reprice their loan offerings. Bad news for the economy is usually good news for mortgage rates. However, today’s jobs report was much better than economists’ expectations, with nonfarm payroll employment up by 255,000.

“The best scenario for the bond market is rising unemployment, a sizable loss of jobs and little change in earnings,” Al Bowman, with Mortgage Commentary Services in Tampa, Florida, said in a report to clients. “Due to the importance of these readings, we will most likely see quite a bit of volatility in the markets and mortgage pricing following their posting, especially after the surprises of the past couple months in this data.”

With the good economic news from the July jobs report, mortgage rates are likely to see some pressure to move higher through the remainder of today and into next week.

The NerdWallet Mortgage Rate Index compiles annual percentage rates — lender interest rates plus fees, the most accurate way for consumers to compare rates. Here are today’s average rates for the most popular loan terms:

Purchase Mortgage Rates: Aug. 5, 2016

(Change from 8/4)

30-year fixed: 3.59% APR (NC)

15-year fixed: 3.00% APR (+0.01)

5/1 ARM: 3.46% APR (NC)

Homeowners looking to lower their mortgage rate can shop for refinance lenders here.

NerdWallet daily mortgage rates are an average of the published APR with the lowest points for each loan term offered by a sampling of major national lenders. Annual percentage rate 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. 

The article Mortgage Rates Today, Friday, Aug. 5: How Today’s Jobs Report Will Move Interest Ratesoriginally appeared on NerdWallet.