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Mortgage Rates Get Slight Boost on Employment Numbers

rates-riseFixed mortgage rates came up slightly in the last week but remained short of the 4 percent threshold, according to survey data from Freddie Mac.

The average interest rate for a 30-year fixed-rate mortgage (FRM) product was 3.93 percent (0.5 point) for the week ending December 11, the company reported Thursday in its Primary Mortgage Market Survey. The average 30-year fixed rate was 3.89 percent a week ago and 4.42 percent this time last year.

The 15-year FRM experienced a bigger increase, rising 10 basis points to 3.20 percent.

The increase in fixed rates—the first in a month—followed the release of November's better than expected employment data.

“The rate rise comes on the heels of an uplifting jobs report showing nonfarm payrolls adding 321,000 new jobs in November—91,000 more jobs than expected,” said Frank Nothaft, VP and chief economist for Freddie Mac.

Adjustable mortgage rates moved in different directions, moving up to an average 2.98 percent (0.5 point) for the 5-year hybrid adjustable-rate mortgage (ARM) and down to 2.40 percent (0.4 point) for the 1-year ARM.

About Author: Tory Barringer

Tory Barringer began his journalism career in early 2011, working as a writer for the University of Texas at Arlington's student newspaper before joining the DS News team in 2012. In addition to contributing to DSNews.com, he is also the online editor for DS News' sister publication, MReport, which focuses on mortgage banking news.

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