The average rate for a 30-year fixed-rate mortgage held steady near its high for the year in Freddie Mac’s latest weekly survey.
The average 30-year FRM rate matched
"Mortgage rates were little changed this week following a mixed employment report,” said Frank Nothaft, vice president and chief economist, Freddie Mac, in his weekly rate recap.
“For example, the economy added 169,000 jobs in August, which was below the market consensus forecast, and revisions subtracted another 74,000 from the prior two months. Meanwhile, the unemployment rate fell to 7.3 percent which was the lowest since December 2008."
The long-term rate-indicative 10-year Treasury yield has at times spiked as high as 2.96% or so the past week, nearing the psychologically important 3% level, but as of deadline mid-Thursday morning during the East Coast trading day, it was trading at the lower end of its range for the period closer to 2.87%.
While fixed mortgage rates remained steady during the week ending Sept. 12, the average rate for a five-year Treasury-indexed hybrid adjustable-rate mortgages dropped six basis points to 3.22% and the average one-year Treasury ARM rate fell four basis points to 2.67%.
Average points were lowest for one-year Treasury ARMS at 0.4 of a point, followed by five-year Treasury hybrids at 0.5 of a point, 15-year FRMs at 0.7 of a point, and 30-year FRMs at 0.8 of a point.
A year ago, the average weekly 30-year FRM rate was nearly a full percentage point lower at 3.55%. At that time, the average weekly 15-year FRM rate was 2.85%, the average weekly five-year Treasury hybrid rate was 2.72%, and the average weekly one-year Treasury ARM rate was 2.61%.
