Industry News

Mortgage rates up on job news

Borrowers wise to refi before further increases

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Mortgage rates were up again this week on news the economy added an impressive 180,000 nonfarm jobs in March, Freddie Mac reported today in its weekly survey. The 30-year fixed-rate mortgage rose to an average 6.22 percent from 6.17 percent last week, Freddie Mac reported, and the 15-year fixed rate grew from 5.87 percent to 5.9 percent. Points, which are fees lenders charge for loan processing expressed as a percent of the loan, averaged 0.4 on the 30- and 15-year loans. Adjustable-rate mortgages also became a little more expensive this week, as the five-year Treasury-indexed hybrid ARM grew to an average 5.93 percent from last week's 5.92 percent and the one-year Treasury-indexed ARM gained from 5.44 percent to 5.47 percent. Points on these loans averaged 0.5 percent. "Interest rates in general ticked up following the release of the March employment data, which showed stronger job growth than what the market expected," Frank Nothaft, Freddie Mac vice president and chief economist, sa...