Mortgage rates have surged upwards for the second consecutive week in response to better-than-expected economic reports, particularly in the growth of private-sector jobs.
“Fixed mortgage rates increased this week following stronger-than-expected economic data releases,” Frank E. Nothaft, Freddie Mac vice president and chief economist, said in a statement.
“Private companies added 215,000 new jobs in November according to the ADP employment report, well above the consensus. In addition, revisions added 54,000 jobs in the prior month.”
The average rate for 30-year fixed mortgages rose to 4.46 percent this week, up from 4.29 percent last week, according to the latest Freddie Mac mortgage survey. The average was 4.16 percent a month ago and 3.34 percent a year ago. The 30-year-fixed average has not surpassed 4.5 percent since late September.
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