Mortgage Rates Post Slight Bump Up This Week
Mortgage rates this week ticked up only slightly, largely fueled by a better than expected jobs report, Freddie Mac reports in its weekly mortgage market survey. Still, mortgage rates remain below last year at this time.
"Mortgage rates increased for the week as the labor market appears to be improving,” notes Frank Nothaft, Freddie Mac’s chief economist. The U.S. economy added 288,000 jobs in June, following a 224,000 gain in May and 304,000 increase in April. The unemployment rate fell to 6.1 percent from 6.3 percent in May.
Good reminder for buyers:
Freddie Mac reports the following national averages with mortgage rates for the week ending July 10:
- 30-year fixed-rate mortgages: averaged 4.15 percent, with an average 0.7 point, rising from last week’s 4.12 percent. Last year at this time, 30-year rates averaged 4.51 percent.
- 15-year fixed-rate mortgages: averaged 3.24 percent, with an average 0.6 point, rising from last week’s 3.22 percent average. A year ago, 15-year rates averaged 3.53 percent.
- 5-year hybrid adjustable-rate mortgages: averaged 2.99 percent, with an average 0.4 point, rising from last week’s 2.98 percent. Last year at this time, 5-year ARMs averaged 3.26 percent.
- 1-year ARMs: averaged 2.40 percent, with an average 0.4 point, rising from last week’s 2.38 percent average. A year ago, 1-year ARMs averaged 2.66 percent.
Source: Freddie Mac