Industry News

Mortgage rates come to a standstill

Tomorrow's jobs report may spark volatility

Mortgage rates remained virtually flat this week, awaiting the Fed's labor market report tomorrow, according to surveys conducted by mortgage buyer Freddie Mac and Bankrate. In Freddie Mac's weekly survey, the 30-year fixed-rate mortgage averaged 6.28 percent for the week ended today, down slightly from last week when it averaged 6.32 percent. The average for the 15-year fixed-rate mortgage this week is 5.63 percent, down a little from last week when it averaged 5.69 percent. Points on both the 30- and 15-year averaged 0.7. One-year Treasury-indexed adjustable-rate mortgages averaged 3.98 percent this week, with an average 0.6 point, up from last week when it averaged 3.87 percent. "Financial markets are in limbo at the moment, waiting primarily on tomorrow's jobs report for an indication that the growth in the economy is sustainable," said Frank Nothaft, Freddie Mac vice president and chief economist. "We had two months of really strong job increases and a third month would reassure ...

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