Mortgage rates rise

U.S. fixed mortgage rates inched up on improving job market, said the Primary Mortgage Market Survey released Thursday by Freddie Mac.
The U.S. mortgage giant said the 30-year fixed-rate mortgage ( FRM) increased from 4.12 percent in the previous week to 4.15 percent in the week ending Thursday, lower than the 4.51 percent of the same period last year.
The 15-year FRM, a popular guide for those looking to refinance, edged up to 3.24 percent this week from 3.22 percent in the prior week.
"Mortgage rates increased for the week as the labor market appears to be improving," said Freddie Mac's chief economist Frank Nothaft in a statement.
"Based on the employment report released last week, the U.S. economy added 288,000 jobs in June, gained 224,000 in May and increased by 304,000 in April. Also, the unemployment rate in June fell to 6.1 percent from 6.3 percent in May," Nothaft said.
The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) rose from 2.98 percent last week to 2.99 percent this week, while the one-year Treasury-indexed ARM climbed to 2.40 percent from 2.38 percent last week.
The U.S. housing market has showed signs of slowdown since the second half of last year, as sharp increases in home prices and limited inventories, as well as higher mortgage rates, have discouraged many home buyers.