Mortgage rates crept higher this week on news of good job growth in August, according to a survey conducted by mortgage buyer Freddie Mac.

In Freddie Mac’s weekly survey, the 30-year fixed-rate mortgage averaged 5.83 percent for the week ended today, up from last week when it averaged 5.77 percent. The average for the 15-year fixed-rate mortgage this week is 5.22 percent, also up from last week when it averaged 5.15 percent. Points on both the 30- and 15-year averaged 0.8.

One-year Treasury-indexed adjustable-rate mortgages averaged 4 percent this week, with an average 0.7 point, up from last week when it averaged 3.97 percent.

“August’s 144,000-job gain, combined with a 41,000 upward revision for July, signaled a strengthening economy and helped push mortgage rates up slightly this week,” said Frank Nothaft, Freddie Mac vice president and chief economist. “However, Fed Chairman Greenspan’s testimony to Congress yesterday outlined a less robust economy than he previously had portrayed, offsetting some of the interest-rate increase.

“Freddie Mac’s own economic forecast calls for a mild and gradual increase in 30-year fixed-rate mortgage rates to about 6 percent by the end of the year. Low mortgage rates will sustain a brisk housing market, leading to record home sales and single-family construction this year.”

The following is a sampling of Bankrate’s average 30-year-mortgage interest rates this week in some U.S. metropolitan areas.

New York – 5.85 percent with 0.25 point

Los Angeles – 5.86 percent with 0.57 point

Chicago – 5.95 percent with 0.03 point

San Francisco – 5.85 percent with 0.37 point

Philadelphia – 5.84 percent with 0.25 point

Detroit – 5.81 percent with 0.25 point

Boston – 5.94 percent with 0.05 point

Houston – 5.77 percent with 0.72 point

Dallas – 5.82 percent with 0.46 point

Washington, D.C. – 5.78 percent with 0.57 point

***

What’s your opinion? Send your Letter to the Editor to newsroom@inman.com.

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
Hear from Realogy, Pacaso, SERHANT., Spotify, Redfin, Douglas Elliman, and 100+ more leaders at ICNY.Register now×
Limited time: Get 30 days of Inman Select for $5.SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription