Average fixed mortgage rates increased strongly this week following better-than-expected reports on private job growth and new home sales, according to a weekly survey from Freddie Mac.
"Fixed mortgage rates increased this week following stronger-than-expected economic data releases. 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 at Freddie Mac, said in a statement. "In addition, revisions added 54,000 jobs in the prior month. Lastly, 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 30-year fixed-rate mortgage averaged 4.46 percent for the week ending Dec. 5, up from last week when it averaged 4.29 percent. A year ago at this time, the 30-year fixed averaged 3.34 percent.
The 15-year fixed-rate mortgage averaged 3.47 percent this week, up from last week when it averaged 3.30 percent. A year ago at this time, the 15-year fixed averaged 2.67 percent.
Five-year adjustable-rate mortgages (ARMs) averaged 2.99 percent this week, up from last week when it averaged 2.94 percent. A year ago, the five-year ARM averaged 2.69 percent.





