The average rate for a 30-year fixed rate mortgage held fast to its record low level of 3.87%, but other rates inched up during the week ending Feb. 9, according to Freddie Mac's primary market survey.
Frank Nothaft, Freddie Mac's vice president and chief economist, said in his weekly rate report that a batch of relatively strong January employment report, including the lowest unemployment rate reading since February 2009 (8.3%) and the largest monthly gain in jobs since last year, nudged most rates except the 30-year slightly upward.
However, he noted that there was at least one negative reading in the mix after historical revisions that helped keep the 30-year stable and prevented other rates from rising more than they did: a drop in the labor participation rate to 63.7%. This is the smallest participation rate since May 1983.
The average 15-year FRM rate was up by two basis points at 3.16% during the latest week, the average five-year Treasury-indexed hybrid rate was up three basis points at 2.83% and the average rate for a one-year Treasury-indexed adjustable-rate mortgage was up two basis points at 2.78%.
Average points were 0.8 of a point for 30-year loans, 0.7 of a point for 15-year and five-year Treasury hybrid loans and 0.6 of a point for one-year Treasury ARMs.
A year ago, the average weekly 30-year rate was 5.05%, the 15-year rate was 4.29%, the five-year Treasury hybrid rate was 3.92% and the one-year Treasury ARM rate was 3.35%.
