Here’s How Mortgage Rates are Reacting to the Jobs Report
According to Freddie Mac’s weekly mortgage survey, mortgage rates in the U.S. climbed higher over the last week after a positive employment report.
Roughly 227,000 jobs were added to the U.S. labor force in February, beating economist expectations and signaling economic growth across industries.
The 30-year fixed-rate mortgage averaged 3.92 percent, compared with 3.88 percent the previous week and 4.76 percent a year ago for the week ended Thursday. The fixed rate on a 15-year mortgage averaged 3.16 percent, up slightly from 3.13 percent a week earlier and down 0.81 percent from 3.97 percent a year ago.
The average five-year Treasury-indexed hybrid adjustable-rate mortgages, or ARMs, rose slightly to 2.83 percent, compared with 2.81 percent the prior week and 3.57 percent a year ago. One-year Treasury-indexed ARM rates averaged 2.79 percent, compared with 2.73 percent last week and 3.17 percent a year ago.
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