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Jobless report pushes mortgage rates higher

By Palm Beach Business.com

DELRAY BEACH — Jack Welch might not take the last week’s employment report seriously, but the interest rate gods certainly do. Mortgage rates moved higher in both the Freddie Mac and Bankrate surveys, and both cited the report from the Labor Department as a major catalyst for the upward movement.

Freddie Mac’s Primary Mortgage Market Survey found the 30-year fixed-rate mortgage averaging 3.39 percent with 0.7 point compared with 3.36 percent a week ago. Bankrate’s national survey pegged the 30-year at an average of 3.59 percent with 0.44 point, up from 3.52 a week ago.

The 15-year fixed-rate also moved higher, but more modestly. Freddie Mac found it averaging 2.70 with 0.6 point compared with 2.69 a week ago. Bankrate has it at 2.88 percent with 0.37 point, up from last week’s 2.84 percent.

The jobs report for September came in above expectations, with the unemployment rate dropping to 7.8 percent, the lowest since January 2009. It also upwardly revised the number of jobs created in July and August as well. According to Bankrate, the numbers calmed investors somewhat and pushed rates on Treasurys higher. Mortgage rates tend to be pegged to long-term government bond rates.

 

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OCTOBER 11, 2012 click to go home
 
         
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