The 30-year fixed-rate, 15-year fixed-rate and 5/1 adjustable-rate mortgages all were unchanged, according to a NerdWallet survey of daily mortgage rates published by national lenders Friday. The 30-year fixed is 10 basis points lower than a week ago and is 33 basis points higher than a year ago.
Mortgage rates were stable on a day when the jobs picture remained a little blurry. The U.S. Department of Labor said that the economy added a net 261,000 jobs in October. That was about 50,000 fewer jobs than expected. On the other hand, the department revised the September jobs number. A month ago, the department estimated that the economy had shed 33,000 in September; on Friday, the September estimate was revised to a gain of 18,000 jobs.
The hurricanes that battered Texas and Florida might have resulted in temporary job losses as well as challenges in data collection. “The data is likely to continue to be choppy for the next few months due to weather impact, but this report was strong enough to keep the Fed on track for a rate hike in December,” Curt Long, chief economist for the National Association of Federally-Insured Credit Unions, said in an email.
Average weekly earnings fell 35 cents in October, compared to September. That’s probably because much of the job growth came from lower-paying jobs in restaurants and bars. The economy added 88,500 jobs in “food services and drinking places” — part of the leisure and hospitality employment category, which has the lowest average weekly wages ($406.12).
MORTGAGE RATES TODAY, FRIDAY, NOV. 3:
NerdWallet daily mortgage rates are an average of the published annual percentage rate with the lowest points for each loan term offered by a sampling of major national lenders. APR quotes reflect an interest rate plus points, fees and other expenses, providing the most accurate view of the costs a borrower might pay.
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The article Mortgage Rates Friday: Stable as Jobs Report Takes Center Stage originally appeared on NerdWallet.
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