Industries Banking/Finance

Mortgage rates up slightly on positive economic news

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Mortgage rates rose slightly this week following positive employment news for February, according to Freddie Mac’s weekly survey.

The average 30-year, fixed-rate mortgage was 3.92 percent, up 0.4 percentage point over last week. But the rate marked the 15th consecutive week in which mortgage rates have remained below 4 percent. Last year at this time, the average rate was 3.97 percent.

The 15-year, fixed-rate mortgage rate grew to 3.16 percent, up from 3.13 percent last week. A year ago this week, rates averaged 3.97 percent.

“An upbeat employment report for February caused U.S. Treasury bond yields to increase over the week and mortgage rates followed,” Freddie Mac’s Chief Economist Frank Nothaft said in a statement. “The economy gained 227,000 jobs, above the market consensus forecast, and revisions added another 61,000 to January and December.”


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