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Mortgage Rates Change Little Following Employment Report

October 11, 2012

Average fixed mortgage rates edged slightly higher while remaining near their all-time record lows coming off the employment report for September, according to the latest Freddie Mac Primary Mortage Market Survey.

The 30-year fixed-rate mortgage (FRM) averaged 3.39 percent with an average 0.7 point for the week ending Oct. 11, up from last week when it averaged 3.36 percent. Last year at this time, the 30-year FRM averaged 4.12 percent.

"Mortgage rates were little changed this holiday week following the employment report for September,” said Frank Nothaft, vice president and chief economist for Freddie Mac. “Payroll employment increased by 114,000 workers, although manufacturing jobs dipped for the second month in a row. Employment in the prior two months was revised up 86,000 and the unemployment rate fell to 7.8 percent, marking the lowest rate since January 2009."

Meanwhile, the 15-year FRM this week averaged 2.70 percent with an average 0.6 point, up from last week when it averaged 2.69 percent. A year ago at this time, the 15-year FRM averaged 3.37 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.73 percent this week with an average 0.6 point, up from last week when it averaged 2.72 percent. A year ago, the 5-year ARM averaged 3.06 percent.

The 1-year Treasury-indexed ARM averaged 2.59 percent this week with an average 0.4 point, up from last week when it averaged 2.57 percent. At this time last year, the 1-year ARM averaged 2.90 percent.



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