MortgageMortgage Rates

Freddie Mac: Mortgage rates continue to remain low

Edging slightly higher

Mortgage rates continue to barely move, slightly edging higher for the week ended Sept. 11. Rates remain low, according to the Freddie Mac Primary Mortgage Market Survey.

The 30-year, fixed-rate mortgage averaged 4.12%, compared to 4.10% last week and 4.57% a year ago this time.

The 15-year, FRM increased from 3.24% to 3.26% this week. This is also up from 3.59% in 2013.

Meanwhile, the 5-year Treasury-indexed hybrid adjustable-rate mortgage came in at 2.99%, a jump from 2.97% a week ago, but down from 3.22% the previous year.

The 1-year Treasury-indexed ARM averaged 2.45% this week, up from 2.40% last week, but down from 2.67% a year ago.

“Mortgage rates were up slightly this week, following the increase in 10-year Treasury yields, despite last week’s disappointing employment report. The U.S. economy added only 142,000 jobs in August, after a 212,000 gain in July and a 267,000 increase in June,” said Frank Nothaft, vice president and chief economist with Freddie Mac. “The unemployment rate fell to 6.1% in August from 6.2% the previous month.”

Bankrate was not too different, reporting the 30-year, FRM increasing to 4.27%, up from 4.24%.

The 15-year, FRM climbed to 3.42%, up from 3.37% last week, while the 5/1 ARM moved higher to 3.29%, up from 3.25%. 

"Mortgage rates notched slightly higher this week, despite an employment report that was a bit of a letdown. Oftentimes, a disappointing jobs report pushes down both bond yields and mortgage rates. But the jobs report wasn't so disappointing as to deter the Federal Reserve from continuing to taper their bond purchases or alter their timetable for raising short-term interest rates," Bankrate said. 

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