Dive Brief:
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This week’s slight spike in mortgage interest rates was the result of the uptick in job creation, according to Bankrate.
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Freddie Mac reported on Thursday that the average interest rate for a 30-year, fixed-rate mortgage rose from 3.59% last week to 3.69% this week. The rate for 15-year mortgages increased from 2.29% to 2.92%.
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Both numbers increased after the Bureau of Labor Statistics released its Employment Situation Report, estimating that the U.S. economy added 257,000 jobs in January.
Dive Insight:
The better the employment outlook, the higher interest rates could climb, economists have said. In fact, Bankrate has predicted that the Federal Reserve, which has promised to raise rates at some point this year, could speed up its decision and act as early as June.