Mortgage rates were little changed from the previous week as they rose two basis points on better-than-expected economic news, according to Freddie Mac.
The 30-year fixed-rate mortgage averaged 3.45% for the week ending Aug. 11, up from last weekwhen it averaged 3.43%. A year ago at this time, the 30-year fixed-rate mortgage averaged 3.94%.
“A surprisingly strong July jobs report showed 255,000 jobs added and 0.3% wage growth from last month, exceeding many experts’ expectations. In response, the 10-Year Treasury yield rose to its highest level since June,” said Sean Becketti, chief economist at Freddie Mac.
The 15-year FRM averaged 2.76%, up from last week when it averaged 2.74%. A year ago at this time, the 15-year averaged 3.17%.
The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.74%, up from last week when it averaged 2.73%, while a year ago it averaged 2.93%.