On Friday, the Labor Department released the monthly employment survey, in which it reported that the economy grew by a net 110,000 jobs in September. That was unsurprising. But another number in the employment report did cause investors to do double takes. The Labor Department revised its August number upward -- way up.
A month earlier, the Labor Department estimated that the economy shrank by 4,000 jobs in August. Now the department says the economy actually gained 89,000 jobs in August. The 93,000-job swing shocked Wall Street (in a pleasant way), and long-term interest rates rose.
The benchmark 30-year fixed-rate mortgage rose 8 basis points to 6.5 percent, according to the Bankrate.com national survey of large lenders. A basis point is one-hundredth of 1 percentage point. The mortgages in this week's survey had an average total of 0.34 discount and origination points. One year ago, the mortgage index was 6.42 percent; four weeks ago, it was 6.28 percent.
The benchmark 15-year fixed-rate mortgage rose 8 basis points to 6.18 percent. The benchmark 5/1 adjustable-rate mortgage rose 11 basis points to 6.37 percent. And one rate went down -- the 30-year fixed jumbo, for mortgages of more than $417,000. It fell 1 basis point, to 7.27 percent. The spread between the conforming and jumbo 30-year rate is 77 basis points -- the smallest the gap has been in two months.
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source: bankrate.com
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