SOURCE: Freddie Mac

Freddie Mac

March 12, 2015 10:00 ET

Mortgage Rates Move Higher on Strong Jobs Report

MCLEAN, VA--(Marketwired - Mar 12, 2015) - Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates moving higher amid a strong jobs report and bringing mortgage rates back to where they were at the start of 2015. The 30-year fixed-rate mortgage has averaged below 4 percent since the week ending November 13, 2014. 

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 3.86 percent with an average 0.6 point for the week ending March 12, 2015, up from last week when it averaged 3.75 percent. A year ago at this time, the 30-year FRM averaged 4.37 percent. 
  • 15-year FRM this week averaged 3.10 percent with an average 0.6 point, up from last week when it averaged 3.03 percent. A year ago at this time, the 15-year FRM averaged 3.38 percent. 
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.01 percent this week with an average 0.5 point, up from last week when it averaged 2.96 percent. A year ago, the 5-year ARM averaged 3.09 percent.
  • 1-year Treasury-indexed ARM averaged 2.46 percent this week with an average 0.4 point, up from last week when it averaged 2.44 percent. At this time last year, the 1-year ARM averaged 2.48 percent. 

Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following links for the Regional and National Mortgage Rate Details and Definitions. Borrowers may still pay closing costs which are not included in the survey.

Quotes
Attributed to Len Kiefer, deputy chief economist, Freddie Mac.

"The average 30-year fixed-rate mortgage rose to 3.86 percent for this week following a strong labor market report, essentially bring rates back to where they were at the start of the year. The U.S. economy created 295,000 jobs in February while the unemployment rate dipped to 5.5 percent from 5.7 percent in January, both outperforming market expectations."

Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation's residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Today Freddie Mac is making home possible for one in four home borrowers and is one of the largest sources of financing for multifamily housing. Additional information is available at FreddieMac.com, Twitter @FreddieMac and Freddie Mac's blog FreddieMac.com/blog.