NEW YORK (CNN/Money) -
Mortgage rates inched higher this week on signs of a stronger labor market, Freddie Mac reported Thursday.
"October's fervent job growth statistics, mixed with upward revisions in previous months, led financial markets to believe the economy is picking up steam," said Freddie Mac vice president and chief economist Frank Nothaft.
"The end result translates into higher long-term mortgage rates this week."
The rate on 30-year fixed-rate mortgages averaged 5.76 percent in the week ended Thursday, with an average 0.7 of a point payable up front, up from an average 5.7 percent last week.
A year earlier, the rate on the 30-year fixed-rate loan stood at 5.98 percent.
The 15-year mortgage rate rose to a 5.16 percent average this week from 5.08 percent last week, also with 0.7 of a point up front. Last year, the average rate stood at 5.31 percent.
One-year adjustable rate mortgages (ARMs) averaged 4.16 percent, up from 4 percent the previous week, with 0.6 of a point payable up front.
At this time last year, the average rate for ARMs was 3.73 percent.
"Adjustable-rate mortgages (ARMs) were more strongly affected by the latest Federal Reserve rate hike this week," Nothaft added. "However, mortgage rates continue to be extremely affordable and the outlook for the housing sector appears bright."
Freddie Mac's (up $1.35 to $68.65, Research) average mortgage rates are based on a survey of 125 lenders nationwide.