Long-term mortgage rates gained considerably this week following the Department of Labor's stronger-than-expected employment report, Freddie Mac and Bankrate.com reported today. According to Freddie Mac, the 30-year fixed-rate mortgage rose to an average 6.11 percent from last week's 5.96 percent, and the average 15-year fixed climbed to 5.78 percent from 5.65 percent. Points, or fees lenders charge for loan processing expressed as a percent of the loan, averaged 0.5 on the 30- and 15-year loans. "November's employment report showed stronger job growth, no change in the unemployment rate and a jump in wages, suggesting to some market participants that the probability of an upcoming recession might be lower than originally thought," said Frank Nothaft, Freddie Mac vice president a...
Get Inman via Facebook Messenger
Our top headlines delivered once a day.