WASHINGTON – Mortgage rates rose from all-time lows this week after a stronger-than-expected jobs report, according to Freddie Mac.
The average for the 30-year, fixed-rate loan rose to 4.12% this week, from a record low of 3.94% last week; while the average for the 15-year mortgage rose to 3.37%, from 3.26%.
ARM rates were mixed, with the average for the five-year ARM rising to 3.06%, from 2.96%; and the average for the one-year ARM dipping to 2.90%, from 2.95% last week.
“An employment report that was better than market expectations helped to lift long-term Treasury bond yields and mortgage rates as well,” said Frank Nothaft, chief economist for Freddie Mac.
“The economy added 103,000 workers in September, aided by the return of striking Verizon workers. In addition, revisions to July and August figures added a total of 99,000 jobs to payrolls. However, these job gains are still not large enough to bring down the current unemployment rate of 9.1%,” he said.
