Jobs report tempers mortgage rate increases

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A mixed employment report helped keep average rates on 30- and 15-year fixed-rate mortgages unchanged this week, according to Freddie Mac’s latest Primary Mortgage Market Survey.

The 30-year fixed-rate mortgage averaged 4.57 percent with an average 0.8 point for the week ending today, while the 15-year fixed-rate mortgage averaged 3.59 percent with an average 0.7 point.

Rates on five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) and one-year Treasury-indexed ARMs dropped this week to an average 3.22 percent and 2.67 percent, respectively.

Expanding on the U.S. Department of Labor’s employment report, Freddie Mac Vice President and Chief Economist Frank Nothaft said in a statement that “the economy added 169,000 jobs in August, which was below the market consensus forecast, and revisions subtracted another 74,000 from the prior two months. Meanwhile, the unemployment rate fell to 7.3 percent, which was the lowest since December 2008.” Source: Freddie Mac