Mortgage rates moved up this week, with the average rate for a 30-year fixed-rate mortgage rising to 2.87%, up from 2.77% a week ago, according to Freddie Mac’s Primary Mortgage Market Survey.
A year ago at this time, the average rate for a 30-year was 2.96%.
“Following last Friday’s strong jobs report, which revealed broad based gains in employment and wage growth, mortgage rates are moving higher,” says Sam Khater, chief economist for Freddie Mac, in a statement. “After dropping for six consecutive weeks, the 30-year fixed-rate mortgage increased by ten basis points week over week. Despite the rise, rates remain very low, particularly given that economic growth is strong and will continue into next year.”
The average rate for a 15-year mortgage was 2.15%, up from 2.10% last week but down from 2.46% a year ago.
The average rate for a five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) was 2.44%, up from 2.40% a week ago but down from 2.90% a year ago.
Photo: