Freddie Mac supports communities across the nation by providing mortgage capital to lenders.
Advertisement
Mortgage rates ticked up following last week’s strong jobs report, Freddie Mac reported. A year ago at this time, the 30-year FRM averaged 3.94 percent.
Weak GDP growth (1.2 percent in the advance Q2 estimate) contrasting with a strong jobs report for July (255,000 jobs added, almost 3 percent wage growth, unemployment rate still under 5 percent) presents a mixed picture of the country’s economic health.
The average fee for a 30-year mortgage remained at 0.5 point this week. A year ago at this time, the 30-year fixed-rate mortgage averaged 3.94%.
The five-year Treasury-indexed hybrid adjustable-rate mortgage rose to 2.74% this week, up from last week’s 2.73% and from last year’s 2.93%.
The 15-year FRM averaged 2.76%, up from last week when it averaged 2.74%.
Long-term USA mortgage rates edged higher this week, though rates remain at historically low levels. Prior to the report, futures markets reported the likelihood of liftoff for the Fed in September at 12 percent.
Advertisement
Becketti explained that the unexpectedly high jobs report was responsible for the increase in mortgage interest rates.
