Mortgage rates were pushed slightly higher by last week’s strong employment report, according to the latest data released Thursday by Freddie Mac.
Following three weeks of declines, the 30-year fixed-rate average crept up to 3.95 percent with an average 0.6 point. (Points are fees paid to a lender equal to 1 percent of the loan amount.) It was 3.93 percent a week ago and a year ago.
The 15-year fixed-rate average climbed to 3.19 percent with an average 0.5 point. It was 3.16 percent a week ago and 3.2 percent a year ago.
Hybrid adjustable rate mortgages also were higher. The five-year ARM average increased to 3.03 percent with an average 0.5 point, rising above 3 percent for just the third time in the past six months. It was 2.99 percent a week ago and 2.98 percent a year ago.
The one-year ARM average increased to 2.64 percent with an average 0.2 point. It was 2.61 percent a week ago.
“The economy added 211,000 new jobs in November exceeding analysts’ expectations, and the prior two months were revised higher as well,” Sean Becketti, Freddie Mac chief economist, said in a statement. “This momentum is likely to cement a decision by the Fed to begin raising interest rates this month.”
Meanwhile, mortgage applications also ticked up, according to the latest data from the Mortgage Bankers Association.
The market composite index — a measure of total loan application volume – increased 1.2 percent from the previous week. The refinance index grew 4 percent, while the purchase index was essentially flat, rising just 0.04 percent.
The refinance share of mortgage activity accounted for 58.7 percent of all applications.