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Friday, December 20, 2013

Job Growth Drives Mortgage Rate Jump

According to Freddie Mac, the beginning of December saw a jump in mortgage rates to 4.46% from 4.29% on 30-year fixed loans. Experts cite job creation as the primary reason for the spike. As stated by Frank Nothaft, Freddie Mac's chief economist, "Private companies added 215,000 new jobs in November according to the ADP employment report" and "revisions added 54,000 jobs in the prior month." Moreover, new home sales surged 25% in the month of October.

As the economy gains ground, interest rates will also follow the trend.

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