Mortgage rates inched up 3 basis points this week to 3.84 percent, according to Bankrate’s weekly survey of large lenders. This comes on the heels of ADP’s recent report that 202,000 jobs were added to private-sector payrolls.

“As 2019 came to a close, we saw expanded payrolls in December,” said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute, in a statement. “The service providers posted the largest gain since April, driven mainly by professional and business services. Job creation was strong across companies of all sizes, led predominantly by midsized companies.”

Mortgage applications spike in the first week of 2020

The low rates and strong employment numbers are likely two important factors in mortgage applications shooting up last week. The 30 percent spike in applications, according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending January 10, includes an increase in purchase applications as well as an uptick in both government and conventional refinances.

“It remains to be seen if this strong refinancing pace is sustainable, but even with the robust activity the last two weeks, the level is still below what occurred last fall,” said Joel Kan, associate vice president of economic and industry forecasting at MBA, in a statement.

Purchase applications were 8 percent higher than this time last year, signaling a hopeful start to the homebuying preseason.

Mortgage rates this week

A year ago, the benchmark 30-year fixed-rate mortgage was 4.59 percent. Four weeks ago, the rate was 3.93 percent. The 30-year fixed-rate average for this week is 0.78 percentage points below the 52-week high of 4.62 percent, and is 0.10 percentage points greater than the 52-week low of 3.74 percent.

The 30-year fixed mortgages in this week’s survey had an average total of 0.30 discount and origination points.

Over the past 52 weeks, the 30-year fixed has averaged 4.09 percent. This week’s rate is 0.25 percentage points lower than the 52-week average.

  • The 15-year fixed-rate mortgage was flat at 3.16 percent.
  • The 5/1 adjustable-rate mortgage rose to 3.60 percent from 3.50 percent.
  • The 30-year fixed-rate jumbo mortgage was flat at 3.82 percent.

At the current 30-year fixed rate, you’ll pay $468.24 each month for every $100,000 you borrow, up from $466.53 last week.

At the current 15-year fixed rate, you’ll pay $698.30 each month for every $100,000 you borrow, unchanged from last week..

At the current 5/1 ARM rate, you’ll pay $454.65 each month for every $100,000 you borrow, up from $449.04 last week.

Results of’s weekly national survey of large lenders conducted January 15, 2020 and the effect on monthly payments for a $165,000 loan:

Weekly national mortgage survey
Breakdown 30-year fixed 15-year fixed 5-year ARM
This week’s rate: 3.84% 3.16% 3.60%
Change from last week: +0.03 N/C +0.10
Monthly payment: $772.59 $1,152.20 $750.16
Change from last week: +$2.82 N/C +$9.24