Average mortgage rates on the 30-year fixed rose two basis points, the 15-year fixed climbed three basis points and the 5/1 ARM went up one basis point, according to a NerdWallet survey of daily mortgage rates published by national lenders.
Mortgage rates have been on a general upward trend since the second week of September. The main economic event during this period was a Federal Reserve meeting in which the central bank signaled that it is likely to raise short-term interest rates in December. Also during this time, the Trump administration began its push to overhaul the tax code.
The most consequential item on this week’s economic calendar comes Friday, with the release of the employment report for September. According to Econoday.com, the consensus view is that jobs will increase by 100,000 new hires and that average hourly wages in September will have increased compared with August. That would be an inflationary signal that could push mortgage rates higher.