Mortgage Rates Move Higher on Strong Jobs Reports

Average fixed mortgage rates are moving higher amid a strong employment report, according to the results of Freddie Mac’s recently released Primary Mortgage Market Survey (PMMS).  Regardless, fixed-rate mortgage rates still remain near their May 23, 2013 lows. 

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“Mortgage rates rose last week following strong economic data,” says Len Kiefer, deputy chief economist, Freddie Mac.  The economy added 257,000 new jobs in January after robust increases of 329,000 in December and 423,000 in November.  The unemployment rate edged up to 5.7 percent last month from 5.6 percent in December.  Average hourly earning rose 0.5 percent, following a 0.2 percent decline in December.”

The 30-year, fixed rate mortgage (FRM) averaged 3.69 percent with an average of 0.6 point for the week ending February 12,2015, up from last week when it averaged 3.59 percent.  A year ago at this time, the 30-year FRM averaged 4.28 percent. 

The 15-year FRM last week averaged 2.99 percent with an average 0.6 point, up from the week prior when it averaged 2.92 percent.  A year ago at this time, the 15-year FRM averaged 3.33 percent.

Data shows that the 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.97 percent last week with an average 0.5 point, up from the week prior when it averaged 2.82 percent.  A year ago, the 5-year ARM averaged 3.05 percent. 

Additionally, the one-year Treasury-indexed ARM averaged 2.42 percent last week with an average 0.4 point, up from the week prior when it averaged 2.39 percent.  At this time last year, the 1-year ARM averaged 2.55 percent. 

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Who do you know that’s planning to buy this year?  Let’s get them started today!

If you or someone you know is thinking about buying a home, now is the time!  Take advantage of the current low rates! call us at 404-729-1133 or email   melissa@redrobingroup.com or simply send us an inquiry here on the website — we’ll help you learn more about the home buying process.  A simple discovery phone call or email could provide you with helpful information to get you started on the road to home ownership!

 

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Data last updated: 12/15/17 1:56 PM PST.

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posted: Feb 17, 2015 | No Responses

Posted by:  Wakamo & Associates

Melissa Wakamo and her dynamic team of agents and support staff provide buyer and seller clients with exceptional service and proven results. Since the start of her real estate career in 2004, Melissa has proven to be a true advocate for her clients and has consistently performed in the top 1% of agents

“When I started my real estate career, I wanted to work in my local community and get to know my neighbors. Now, I realize how important that local expertise is to our clients. At Red Robin REALTORS®, all of our agents are specialists in working with buyers and sellers in Atlanta’s intown neighborhoods.”

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