Fixed mortgage rates have held steady following last week’s mixed-employment report, remaining near their highs for the year, according to a weekly survey of mortgage rates released by Freddie Mac.
Frank Nothaft, vice president and chief economist at Freddie Mac, said the mixed-employment report produced muted reaction in the market. "The economy added 169,000 jobs in August, which was below the market consensus forecast, and revisions subtracted another 74,000 from the prior two months. Meanwhile, the unemployment rate fell to 7.3 percent, which was the lowest since December 2008," he explained in a statement.
According to the government-sponsored entity’s Primary Mortgage Market Survey, the 30-year fixed-rate mortgage averaged 4.57 percent for the week ending Sept. 12, unchanged from last week. A year ago at this time, the 30-year fixed-rate averaged 3.55 percent. In the Northeast, the average 30-year fixed rate was 4.56 percent.
The 15-year fixed rate this week averaged 3.59 percent, also unchanged from last week. A year ago at this time, the 15-year fixed rate averaged 2.85 percent. In the Northeast, the average 15-year fixed was 3.6 percent.
Five-year adjustable-rate mortgages (ARMs) tracked by the GSE averaged 3.22 percent this week, a slight decline from last week, when it averaged 3.28 percent. A year ago, the 5-year ARM averaged 2.72 percent. In the Northeast, the average five-year ARM was 3.13 percent.





