Average fixed mortgage rates are moving higher amid a strong employment report, according to the results of Freddie Mac’s recently released Primary Mortgage Market Survey® (PMMS®). Regardless, fixed-rate mortgage rates still remain near their May 23, 2013 lows.
"Mortgage rates rose last week following strong economic data,” says Len Kiefer, deputy chief economist, Freddie Mac. The economy added 257,000 new jobs in January after robust increases of 329,000 in December and 423,000 in November. The unemployment rate edged up to 5.7 percent last month from 5.6 percent in December. Average hourly earnings rose 0.5 percent, following a 0.2 percent decline in December."
The 30-year, fixed-rate mortgage (FRM) averaged 3.69 percent with an average 0.6 point for the week ending February 12, 2015, up from last week when it averaged 3.59 percent. A year ago at this time, the 30-year FRM averaged 4.28 percent.
The 15-year FRM last week averaged 2.99 percent with an average 0.6 point, up from the week prior when it averaged 2.92 percent. A year ago at this time, the 15-year FRM averaged 3.33 percent.
Data shows that the 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.97 percent last week with an average 0.5 point, up from the week prior when it averaged 2.82 percent. A year ago, the 5-year ARM averaged 3.05 percent.
Additionally, the one-year Treasury-indexed ARM averaged 2.42 percent last week with an average 0.4 point, up from the week prior when it averaged 2.39 percent. At this time last year, the 1-year ARM averaged 2.55 percent.