WASHINGTON – Mortgage rates rose from near record lows this week after promising U.S. jobs reports, according to Freddie Mac.
The average for the 30-year loan climbed to 3.92% this week, from 3.88% last week; and the average for the 15-year mortgage inched up to 3.16%, from 3.13%.
ARM rates also moved higher, with the average for the five-year ARM tipping upward to 2.83%, from 2.81%; and the average for the one-year ARM moving to 2.79%, from 2.73% last week.
The U.S. added more than 227,000 jobs in February, above market expectations. Gains across industries and demographic groups marked the latest sign the nation’s economy has gained momentum, according to Frank Nothaft, chief economist for Freddie Mac. “An upbeat employment report for February caused U.S. Treasury bond yields to increase over the week and mortgage rates followed,” said Nothaft.
