Long-Term Mortgage Rates Inch Up

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WASHINGTON – Mortgage rates moved slightly higher this week, after declining to record lows for the past 11 weeks, according to Freddie Mac.

The average for the 30-year loan rose to 4.35% this week, from 4.32% last week; while the average for the 15-year mortgage held steady at 3.83%.

ARM rates were mixed, with the average for the five-year ARM inching up to 3.56%, from 3.54%; and the average for the one-year ARM moving down to 3.46%, from 3.50% last week.

Frank Nothaft, chief economist for Freddie Mac, said while overall employment did drop in August, private non-farm payrolls increased more than the market forecast.

“This somewhat sanguine report had a mixed effect on mortgage rates this week, with the 30-year fixed rate nudged up but the 15-year fixed rate unchanged,” Nothaft said.

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