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U.S. Mortgage Rates Rise Amid Positive Economic Data

U.S. Mortgage Rates Rise Amid Positive Economic Data


US mortgage rates increased for the second consecutive week, following positive data on private job growth and new home sales, according to Freddie Mac. 

The 30-year fixed-rate mortgage averaged 4.46 percent this week, up from 4.29 percent last week. At this time last year, the average was 3.34 percent. 

Fixed mortgage rates increased on the wake of better than expected economic data.

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Frank Nothaft

"Private companies added 215,000 new jobs in November according to the ADP employment report, well above the consensus," Frank Nothaft, vice president and chief economist, Freddie Mac, said in the report. "New home sales rose 25 percent in the month of October to a seasonally adjusted 444,000 annual pace, though this followed a weaker than expected September report and downward revisions over the summer months."

The 15-year fixed-rate mortgage averaged 3.47 percent, increasing from 3.30 percent last week. A year ago, the average was 2.67 percent. 

The one-year treasury-indexed ARM averaged 2.59 percent this week, dropping from 2.60 percent last week. 

This week CoreLogic reported a 12.5 percent increase in U.S. home prices in October, marking the 20th month of consecutive yearly increases. 

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