Average fixed-mortgage rates moved higher for the second consecutive week, following a strong October jobs report and other positive economic indicators, according to the latest interest rate survey from Freddie Mac.
"Fixed mortgage rates increased this week following stronger-than-expected economic data releases," Frank Nothaft, vice president and chief economist for Freddie Mac, said in a statement. "Nonfarm payrolls increased by 204,000 in October, above the consensus forecast. In addition, revisions added 60,000 additional jobs to the prior two month releases. Preliminary estimates indicate Real GDP growth in the third quarter was 2.8 percent, also above consensus."
The 30-year fixed-rate mortgage is now 4.35 percent, its highest level since Sept. 19, when it averaged 4.5 percent. That’s up from the first week of November, when it averaged 4.16 percent. A year ago at this time, the 30-year FRM averaged 3.34 percent.
The 15-year fixed rate mortgage this week averaged 3.35 percent, up from last week when it averaged 3.27 percent. A year ago at this time, the 15-year fixed-rate mortgage averaged 2.65 percent.
Five-year adjustable-rate mortgages (ARMs) averaged 3.01 percent this week, up from last week when it averaged 2.96 percent. A year ago, the 5-year ARM averaged 2.74 percent.