Freddie Mac has released the results of its Primary Mortgage Market Survey (PMMS), showing most average mortgage rates inching higher on January's positive employment data, as the 30-year fixed-rate mortgage (FRM) averaged 3.87 percent with an average 0.8 point for the week ending Feb. 9, 2012, matching last week when it also averaged 3.87 percent. Last year at this time, the 30-year FRM averaged 5.05 percent.
"A strong January employment report added upward pressure to most mortgage rates this week," said Frank Nothaft, vice president and chief economist, Freddie Mac. "The economy gained 243,000 jobs last month, the largest monthly gain since April 2011, and the unemployment rate fell to 8.3 percent, which was the lowest since February 2009."
This week, the 15-year FRM averaged 3.16 percent with an average 0.7 point, up from last week when it averaged 3.14 percent. A year ago at this time, the 15-year FRM averaged 4.29 percent.
"Although historical revisions also added 266,000 even more workers, they caused the labor participation rate to fall to 63.7 percent, representing the smallest share since May 1983, which offset some of the rise in mortgage rates," said Nothaft.
The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.83 percent this week, with an average 0.7 point, up from last week when it averaged 2.80 percent. A year ago, the five-year ARM averaged 3.92 percent. The one-year Treasury-indexed ARM averaged 2.78 percent this week with an average 0.6 point, up from last week when it averaged 2.76 percent. At this time last year, the one-year ARM averaged 3.35 percent.