Mortgage rates remained unchanged this past week as mixed jobs data created some uncertainty about housing and the economy, Freddie Mac reported Thursday.
The average 30-year, fixed-rate mortgage came in at 4.57%, unchanged from highs reported a week earlier, and up from 3.55% last year.
While rising rates have been tied to a possible slowdown in housing activity, rates hit a plateau as the jobs situation created more questions for the market, stalling additional upward movement.
“Mortgage rates were little changed this week following a mixed employment report,” said Frank Nothaft, vice president and chief economist for Freddie Mac. “For example, the economy added 169,000 jobs in August, which was below the market consensus forecast, and revisions subtracted another 74,000 from the prior two months. Meanwhile, the unemployment rate fell to 7.3%, which was the lowest since December 2008.”
The 15-year, FRM came in at 3.59%, also unchanged from last week, but up from 2.85% a year earlier.
On the other hand, adjustable rates shifted, with the 5-year Treasury-indexed hybrid ARM averaging 3.22%, down from 3.28% a week earlier and up from 2.72% a year ago.
The one-year Treasury-indexed ARM also hit 2.67%, down from 2.71% a week earlier, and up from 2.61% a year ago.
Rates have been rising ever since the Fed started sending hints to the market in late spring that the possibility of tapering mortgage-backed securities and Treasury purchases could occur later this year.
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