• 
  News
• 
  Blog
• 
  Like
• 
  Follow

Search news    

---

Rates hold firm amid positive job reports

March 14, 2011 - The economy fared well during the past week, a fact which kept mortgage rates at affordable levels, benefiting families moving into new homes.

The average interest on a 30-year fixed-rate mortgage was 4.88 percent with an average 0.7 point during the week ending March 10, according to the latest primary mortgage market report from Freddie Mac. That was up from 4.87 percent a week before but down from 4.95 percent during the same week a year ago.

Meanwhile, the average interest on a 15-year fixed-rate mortgage remained unchanged at 4.15 percent. Adjustable-rate mortgages - popular among consumers who plan on relocating again in five to seven years - experienced only minimal changes, said the report.

"Mortgage rates held steady amid a strong employment report," said vice president and chief economist Frank Nothaft, citing Labor Department data. "The private sector added 222,000 jobs in February, the most since March 2006 while the unemployment rate fell to 8.9 percent, the lowest share since April 2009."

Steady rates may have led to an increase in demand for mortgages from buyers hiring moving companies. According to the Mortgage Bankers Association, applications for purchase mortgages reached their highest level of the year during the week ending March 4.
 

Recent Articles

Related Categories