Mixed news on the employment front helped keep mortgage interest rates near record lows.
The average rate on the 30-year fixed-rate mortgage (FRM) was 3.40 percent, with an average 0.7 point, the week ending Nov. 8, up from 3.39 percent last week, and up from 3.99 percent a year ago.
“Mortgage rates remained near record lows, following the employment report for October. The economy added 171,000 jobs, above the market consensus forecast, and the two prior months were revised up a combined 84,000. The Labor Department also reported that the unemployment rate ticked up to 7.9 percent and that average hourly wages were unchanged.”
The average rate on the 15-year FRM was 2.69 percent, with an average 0.7 point, down from 2.70 percent last week. A year ago, the 15-year FRM averaged 3.30 percent.
The average interest rate on 5-year Treasury-indexed, hybrid adjustable rate mortgage (ARM) was 2.73 percent this week, with an average 0.6 point. It was down from last week’s average 2.74 percent and 2.98 percent a year ago.
Finally, for the week ending Nov. 8, Freddie Mac reported the 1-year Treasury-indexed ARM averaged 2.59 percent, with an average 0.4 point, up a tad from 2.58 percent last week, and down from 2.95 percent a year ago.