Bankrate: Mortgage Rates Hold Steady Ahead Of Jobs Report

NEW YORK, March 7, 2013 /PRNewswire/ -- Fixed mortgage rates were mostly unchanged, with the benchmark 30-year fixed mortgage rate holding at 3.73 percent this week, according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.36 discount and origination points.

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To see mortgage rates in your area, go to http://www.bankrate.com/funnel/mortgages/.

The average 15-year fixed mortgage rate remained at 2.96 percent, while the larger jumbo 30-year fixed mortgage fell for a second straight week, to 4.06 percent. Adjustable rate mortgages were mixed, with the 3-year ARM rising to 3.03 percent, the 5-year ARM staying at 2.68 percent, and the 7-year ARM dipping to 2.89 percent.   

The movement in mortgage rates was rather tame this week as the monthly look at the labor market looms. All-in-all, the economic recovery is plugging along, with the Dow Jones Industrial Average hitting a new high, but it all boils down to jobs. Those that are working are seeing stagnant wages, so the best hope for a jump in consumer spending and a boost to the overall economy lies in adding more jobs.

The last time mortgage rates were above 5 percent was Apr. 2011. At the time, the average 30-year fixed rate was 5.07 percent, meaning a $200,000 loan would have carried a monthly payment of $1,082.22. With the average rate currently at 3.73 percent, the monthly payment for the same size loan would be $923.96, a difference of $158 per month for anyone refinancing now.

SURVEY RESULTS

30-year fixed: 3.73% -- unchanged from last week (avg. points: 0.36)

15-year fixed: 2.96% -- unchanged from last week (avg. points: 0.33)

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