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Sarah Leonard

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Survey Shows Mortgage Rates Moving Higher on Strong Jobs Report



Survey Shows Mortgage Rates Moving Higher on Strong Jobs Report

 


Mortgage rates are moving higher amid a strong jobs report, bringing rates back to where they were at the start of 2015, according to the recently released results of Freddie Mac's Primary Mortgage Market Survey. Results showed that the 30-year fixed-rate mortgage has averaged below 4 percent since the week ending November 13, 2014.

"The average 30-year fixed-rate mortgage rose to 3.86 percent for this week following a strong labor market report, essentially bring rates back to where they were at the start of the year,” says Len Kiefer, deputy chief economist, Freddie Mac. “The U.S. economy created 295,000 jobs in February while the unemployment rate dipped to 5.5 percent from 5.7 percent in January, both outperforming market expectations."

The 30-year fixed-rate mortgage (FRM) averaged 3.86 percent with an average 0.6 point for the week ending March 12, 2015, up from the last week when it averaged 3.75 percent. A year ago at this time, the 30-year FRM averaged 4.37 percent.

The 15-year FRM averaged 3.10 percent with an average 0.6 point, up from the previous week when it averaged 3.03 percent. A year ago at this time, the 15-year FRM averaged 3.38 percent.

Results show the 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.01 percent with an average 0.5 point, up from the last week when it averaged 2.96 percent. A year ago, the 5-year ARM averaged 3.09 percent.

The 1-year Treasury-indexed ARM averaged 2.46 percent this week with an average 0.4 point, up from last week when it averaged 2.44 percent. At this time last year, the 1-year ARM averaged 2.48 percent.

For more information, visit www.FreddieMac.com.

Reprinted with permission from RISMedia. ©2015. All rights reserved.