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Mortgage Rates Change Little Following Employment Report

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Freddie Mac recently released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates edging slightly higher while remaining near their all-time record lows coming off the employment report for September.

The 30-year fixed-rate mortgage (FRM) averaged 3.39 percent with an average 0.7 point for the week ending October 11, 2012, up from last week when it averaged 3.36 percent. Last year at this time, the 30-year FRM averaged 4.12 percent.

Survey results showed that the 15-year FRM this week averaged 2.70 percent with an average 0.6 point, up from last week when it averaged 2.69 percent. A year ago at this time, the 15-year FRM averaged 3.37 percent.

Additionally, the 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.73 percent this week with an average 0.6 point, up from last week when it averaged 2.72 percent. A year ago, the 5-year ARM averaged 3.06 percent.

The 1-year Treasury-indexed ARM averaged 2.59 percent this week with an average 0.4 point, up from last week when it averaged 2.57 percent. last week. At this time last year, the 1-year ARM averaged 2.90 percent.

“Mortgage rates were little changed this holiday week following the employment report for September,” says Frank Nothaft , vice president and chief economist, Freddie Mac. “Payroll employment increased by 114,000 workers, although manufacturing jobs dipped for the second month in a row. Employment in the prior two months was revised up 86,000 and the unemployment rate fell to 7.8 percent, marking the lowest rate since January 2009.”

For more information, visit www.FreddieMac.com.

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