Industry News

Mortgage rates rise on higher job numbers

But housing still takes a toll on GDP growth

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Mortgage rates moved higher this week after the U.S. Department of Labor revised its August-September employment numbers, reflecting stronger job growth than previously thought, Freddie Mac reported today in its weekly survey. According to Freddie Mac, the 30-year fixed-rate mortgage edged up to an average 6.33 percent this week, up from 6.31 percent a week ago. The 15-year fixed rate also gained during the period, rising from 6.02 percent to 6.04 percent. Points, which are fees charged by lenders for loan processing expressed as a percent of the loan, averaged 0.6 on the 30- and 15-year loans. "Mortgage rates rose earlier in the week on news of large upward revisions over the past three months in employment figures, but began to drift lower as the market looked more deeply into the numbers," said Frank Nothaft, Freddie Mac vice president and chief economist. "For instance, in October the construction industry lost jobs, primarily due to the slowing housing market. "That same slowing ...