Mortgage rates rose this week following an increase in bond yields.
“Mortgage rates were up slightly this week, following the increase in 10-year Treasury yields, despite last week's disappointing employment report,” sad Frank Nothaft, vice president and chief economist at Freddie Mac. “The U.S. economy added only 142,000 jobs in August, after a 212,000 gain in July and a 267,000 increase in June. The unemployment rate fell to 6.1 percent in August from 6.2 percent the previous month.”
The average rate for the 30-year fixed-rate mortgage rose to 4.12% this week from last week's 4.10%. Last year at this time, the 30-year FRM averaged 4.57%.
The 15-year FRM averaged 3.26% this week, up from last week's average of 3.24%. A year ago at this time, the 15-year FRM averaged 3.59%.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.99% this week, up from last week's 297%. Last year, the 5-year ARM averaged 3.22%.
The 1-year Treasury-indexed ARM averaged 2.45% this week, up from last week's 2.40%. A year ago, the 1-year ARM averaged 2.67%.