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3.40: Mortgage Rates Inch Up

by Shilpi Paul

3.40: Mortgage Rates Inch Up: Figure 1

After two months below 3.4 percent, mortgage rates inched up this week.

On Thursday morning, Freddie Mac reported 3.40 percent with an average 0.7 point as the average on a 30-year fixed-rate mortgage, a notable jump from last week’s average of 3.34 percent.

From Freddie Mac vice president and chief economist Frank Nothaft:

Fixed mortgage rates increased slightly following a positive employment report for December. The economy added 155,000 jobs, above the consensus market forecast, and November’s job growth was revised upward by another 24,000 workers. This helped keep the unemployment rate steady at 7.8 percent, the lowest since December 2008. For all of 2012, 1.86 million jobs were created and represented the largest annual gain since 2006.

The UrbanTurf Mortgage Rate Disclaimer: The rates reported by Freddie Mac for 30-year mortgages are usually the best rates that the most qualified borrowers can get, so borrowers or those considering refinancing should not necessarily read this news and think that they can go out and get a loan with the quoted interest rate.

Here’s a look at the path of rates since January 2010:

3.40: Mortgage Rates Inch Up: Figure 2

See other articles related to: mortgage rates, interest rates, freddie mac

This article originally published at https://dc.urbanturf.com/articles/blog/3.40_mortgage_rates_inch_up/6503

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