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3.69: Mortgage Rates Swing Back Up

by Lark Turner

3.69: Mortgage Rates Swing Back Up: Figure 1

Mortgage rates are moving back up after dropping to a 21-month low last week.

The average rate on a 30-year fixed-rate mortgage was 3.69 percent this week, according to Freddie Mac. That’s up from 3.59 last week but down from 4.28 percent a year ago.

In a news release, Len Kiefer, Freddie Mac’s deputy chief economist, said strong economic news caused the jump.

“Mortgage rates rose this week following strong economic data. The economy added 257,000 new jobs in January after robust increases of 329,000 in December and 423,000 in November,” he said. “The unemployment rate edged up to 5.7 percent last month from 5.6 percent in December. Average hourly earnings rose 0.5 percent, following a 0.2 percent decline in December.”

UrbanTurf is following the path of the rates in this chart:

3.69: Mortgage Rates Swing Back Up: Figure 2

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.

See other articles related to: mortgage rates

This article originally published at https://dc.urbanturf.com/articles/blog/3.69_mortgage_rates_swing_back_up/9525

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