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Jobs report pushes mortgage rates higher

By Palm Beach Business.com

DELRAY BEACH — A stronger-than-expected jobs report helped push mortgage rates higher for a second consecutive week, according to both Freddie Mac and Bankrate.

Freddie’s Primary Mortgage Market Survey found the average 30-year fixed-rate mortgage moving up to 3.59 percent with 0.6 point from last week’s 3.55 percent. Rates, however, remain low by historical standards — a year ago the 30-year averaged 4.32 percent.

Bankrate similarly found the 30-year on the rise, moving up to 3.81 percent with 0.44 point from 3.77 percent a week ago.

"Fixed mortgage rates inched up again this week following stronger-than-expected employment reports,” Freddie Mac Chief Economist Frank Nothaft said. “The economy added 163,000 jobs in July, well above the market consensus forecast of 100,000, and the largest increase since February. In addition, the number of announced corporate layoffs fell 45 percent in July compared to last July and was the third time this year that announced layoffs were less than the same month in 2011 according to The Challenger Report. This suggests further net gains in employment are likely in the near future."

The 15-year fixed-rate mortgage also moved slightly higher,  to  2.84 percent with 0.6 point from 2.83 percent a week ago, Freddie Mac reported. Bankrate found the 15-year rising to 3.00 point with 0.35 point from 2.99 percent a week ago.

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