Mortgage Rates Rise In Week

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WASHINGTON (UPI) — The Federal Home Loan Mortgage Corp. said long-term lending rates rose in the week ending Thursday on the strength of a positive employment report.

“Fixed mortgage rates increased this week following stronger than expected economic data releases. Nonfarm payrolls increased by 204,000 in October, above the consensus forecast. In addition, revisions added 60,000 additional jobs to the prior two month releases,” said Freddie Mac Vice President and Chief Economist Frank Nothaft.

Rates for 30-year fixed-rate mortgages rose from 4.16 percent to 4.35 percent with 0.7 point in the past week.

A year ago, rates for 30-year, fixed-rate mortgages averaged 3.34 percent.

Rates for 15-year fixed-rate mortgages rose from 3.27 percent to 3.35 percent with an average 0.7 point in the week. A year ago in the same week, 15-year fixed-rate loans averaged 2.65 percent.

Rates for 5-year Treasury-indexed hybrid adjustable-rate mortgages averaged 3.01 percent this week with an average 0.4 point. Rates a week ago averaged 2.96 percent. A year ago, they averaged 2.74 percent.

Rates for 1-year Treasury-indexed adjustable-rate loans averaged 2.61 percent in the week, unchanged from the previous week. One-year loans averaged 0.4 point.

Last year over the same period, rates for 1-year adjustable-rate loans averaged 2.55 percent.

One point is equal to 1 percent of the amount of the loan and is typically paid up front. It includes a corresponding discount on the loan’s long-term interest rates.

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