A disappointing November employment report helped push mortgage rates lower this week, according to Freddie Mac’s weekly mortgage survey.
Freddie Mac reported that the 30-year fixed-rate mortgage averaged 5.71 percent for the week ended today, down from last week when it averaged 5.81 percent. The average for the 15-year fixed-rate mortgage this week is 5.14 percent, down as well from last week when it averaged 5.23 percent. Points on the 30-year averaged 0.7, while those on the 15-year averaged 0.6.
One-year Treasury-indexed adjustable-rate mortgages averaged 4.15 percent this week, with an average 0.7 point, down from last week when they averaged 4.19 percent.
“Responding to a weak labor market report that showed November job growth to be far less than had been anticipated, long-term yields – and that includes mortgage rates – reversed last week’s hike and fell to the previous week’s level,” said Frank Nothaft, Freddie Mac vice president and chief economist.
“However, many other indicators remain strong and this we think will lead the Federal Open Market Committee to raise short-term rates another quarter point to a target of 2 1/4 percent, putting upward pressure on frequently adjusting ARMs.”
The following is a sampling of Bankrate’s average 30-year-mortgage interest rates this week in some U.S. metropolitan areas.
New York – 5.77 percent with 0.08 point
Los Angeles – 5.76 percent with 0.48 point
Chicago – 5.79 percent with no points
San Francisco – 5.76 percent with 0.27 point
Philadelphia – 5.7 percent with 0.31 point
Detroit – 5.66 percent with 0.25 point
Boston – 5.78 percent with no points
Houston – 5.7 percent with 0.51 point
Dallas – 5.74 percent with 0.3 point
Washington, D.C. – 5.56 percent with 0.52 point
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