Mortgage rates climb on positive economic data

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Rates on 30-year fixed-rate mortgages inched up to 4.16 percent with an average 0.8 point for the week ending Nov. 7, up from 4.1 percent last week and 3.4 percent a year ago, Freddie Mac said in releasing the results of its weekly Primary Mortgage Market Survey.

Rates on 15-year fixed-rate mortgages, popular with homeowners who are refinancing, climbed to 3.27 percent with an average 0.7 point, up from 3.2 percent last week and 2.69 percent a year ago.

“Fixed mortgage rates rebounded slightly this week on more positive economic data releases,” Freddie Mac Chief Economist Frank Nothaft said in a statement. “Production in the manufacturing industry expanded for the fifth month in a row in October to the strongest pace since April 2011. Similarly, the nonmanufacturing sector grew for the second consecutive month in October and beat the market consensus forecast of a decline. These increases were widespread across the nation, from Chicago to Milwaukee to New York.” Source: freddiemac.com