After absorbing a mixed December jobs report; the 10-year Treasury yield fell 8 basis points. The 30-year mortgage rate moved in tandem with Treasury yields falling 8 basis points to 4.12 percent, the second decline since the presidential election. The December jobs report showed 156,000 jobs added, barely meeting many experts’ expectations, while wage growth was at the high end of expectations at 0.4 percent. If strong wage gains persist, they may push inflation and interest rates higher.
Freddie Mac reports the following national averages for the week ending Jan. 12:
30-year fixed-rate mortgage (FRM) averaged 4.12 percent with an average 0.5 point for the week ending January 12, 2017, down from last week when it averaged 4.20 percent.
15-year FRM this week averaged 3.37 percent, down from last week when it averaged 3.44 percent.
Source: Freddie Mac