Mortgage rates rose for the week ending Dec. 10, on optimism tied to job growth and a possible rate hike by the Federal Reserve this month, according to Freddie Mac.
The average 30-year fixed-rate mortgage rose 2 basis points this week to 3.95%, compared to the previous week, according to Freddie Mac's Primary Mortgage Market Survey.
The 15-year fixed-rate rose 3 basis points to 3.19%. The five-year Treasury-indexed hybrid adjustable-rate mortgage rose 4 basis points to 3.03%. The one-year Treasury-indexed ARM rose 3 basis points to 2.64%.
"The economy added 211,000 new jobs in November exceeding analysts' expectations, and the prior two months were revised higher as well," Freddie Mac's chief economist, Sean Becketti, said in a news release.
"This momentum is likely to cement a decision by the Fed to begin raising interest rates this month," Becketti said.
