Mortgage rates rose this week as a result of a strong economic report, Freddie Mac said Thursday.
The average rate on a 30-year fixed-rate mortgage was 3.86 percent with an average 0.6 point this week, according to Freddie Mac. That’s up from 3.75 last week, but down from 4.37 percent a year ago. Rates had fallen slightly last week after slowly gaining over a three-week period.
In a news release, Len Kiefer, Freddie Mac’s deputy chief economist, said a jobs report caused the rate hike.
“The average 30-year fixed-rate mortgage rose to 3.86 percent for this week following a strong labor market report, essentially bring rates back to where they were at the start of the year,” Kiefer said. “The U.S. economy created 295,000 jobs in February while the unemployment rate dipped to 5.5 percent from 5.7 percent in January, both outperforming market expectations.”
UrbanTurf is following the path of the rates in this chart:
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 http://dc.urbanturf.com/articles/blog/3.86_strong_economy_drives_rates_up/9635
Most Popular... This Week • Last 30 Days • Ever
The former Washington Nationals pitcher got his number in McLean.... read »
The redevelopment will focus more heavily on renovations and eliminating moves off-si... read »
The project could deliver up to 38 apartments and new space for the church.... read »
The development will eventually deliver 2,200 residential units and a mix of other us... read »
Preserving Black neighborhoods through redevelopment; Howard University's latest prop... read »
UrbanTurf has compiled virtual looks at large new developments around the DC region.... read »
The 16.5-acre property along the banks of the Potomac known as River View sold on Fri... read »
A Tysons development has the area's five tallest buildings on the boards.... read »
Homeowners will be able to expedite the ADU approval process with two options for one... read »
A rezoning may be in the works for the AutoZone site.... read »
With this weekend's DC houseboat tour a day away, UrbanTurf thought it only fitting t... read »
President Obama travels to Denver this morning to sign the stimulus bill that has bee... read »
In this week's installment of Ask An Agent, a reader wonders if there is a rule for h... read »
As The Wharf prepares to begin construction, DC's houseboat community heads to its ne... read »
In this week's installment of Ask An Agent, a reader asks a fairly common question th... read »
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Visit guides.urbanturf.com or start browsing below!
Intro guides for first-time home buyers
Awesome and unusual real estate from across the DC Metro