Morning Minute: Mortgage rates move higher following positive employment trends

Mortgage rates for a 30-year, fixed rate mortgage climbed to 3.4 percent following December’s more positive employment report, Freddie Mac reported this week. It was the highest reading in eight weeks. The 15-year, fixed rate mortgage averaged 2.66 percent.

In a news release, Frank Nothaft, vice president and chief economist for Freddie Mac said:

“Fixed mortgage rates increased slightly following a positive employment report for December. The economy added 155,000 jobs, above the consensus market forecast, and November’s job growth was revised upward by another 24,000 workers. This helped keep the unemployment rate steady at 7.8 percent, the lowest since December 2008. For all of 2012, 1.86 million jobs were created and represented the largest annual gain since 2006.”

More news headlines:

Ten Questions on the New Mortgage Rules - Wall Street Journal

Home builders don’t expect return of boom, but can foresee ‘average’ marketKane County Chronicle

‘Cliff’ deal is a bonus for homeownership, at least for now - Daily Herald

 

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About Stephanie Sievers

Stephanie Sievers is Associate Editor for the Illinois Association of REALTORS®. She serves as Associate Editor for IAR publications including the Illinois REALTOR® magazine and all other IAR publications. She is responsible for developing content for the Illinois REALTOR® Weekly Connection e-newsletter, coordinates the IAR Twitter account content at ILREALTOR and plans and develops content for videos. She assists in developing and writing content for the IAR blog. She also is involved in researching and drafting news releases and coordinates the news media distribution database and newsclips reports for the Association. She also assists in IAR spokesperson training seminars and is involved in development of association briefing materials on issues. She assists with the housing statistics program and reports.