Mortgage Rates Edge Higher This Week
Mortgage rates inched higher this week following on the heels of a better-than-expected November employment report, Freddie Mac reports in its weekly mortgage market survey.
"The economy added 211,000 new jobs in November exceeding analysts' expectations, and the prior two months were revised higher as well,” says Sean Becketti, Freddie Mac’s chief economist. “This momentum is likely to cement a decision by the Fed to begin raising interest rates this month. Following the release of the employment report, Treasuries rose 7 basis points and in response the 30-year mortgage rate ticked up two basis points to 3.95 percent."
Freddie Mac reports the following national averages with mortgage rates for the week ending Dec. 10:
- 30-year fixed-rate mortgages: averaged 3.95 percent, with an average 0.6 point, rising from last week’s 3.93 percent average. Last year at this time, 30-year rates averaged 3.93 percent.
- 15-year fixed-rate mortgages: averaged 3.19 percent, with an average 0.5 point, rising from last week’s 3.16 percent average. A year ago, 15-year rates averaged 3.20 percent.
- 5-year hybrid adjustable-rate mortgages: averaged 3.03 percent, with an average 0.5 point, increasing from last week’s 2.99 percent average. A year ago, 5-year ARMs averaged 2.98 percent.
- 1-year ARMs: averaged 2.64 percent, with an average 0.2 point, inching up from 2.61 percent last week. A year ago, 1-year ARMs averaged 2.40 percent.
Source: Freddie Mac