Mortgage Rates Dip After Bad Jobs Report

Following this week’s negative jobs report, mortgage rates dropped for the first time in three weeks.

According to Freddie Mac, this drop marks the 10th consecutive week the 30-year mortgage rate averaged under 3.7 percent, which is allowing buyers an extended chance to lock in low rates.

Freddie Mac reports the following national mortgage rate averages for the week:

30-year fixed-rate mortgages: averaged 3.60 percent with an average 0.5 point this week, down from its average of 3.66 percent last week. A year ago rates averaged 4.04 percent.

15-year fixed-rate mortgages: this week averaged 2.87 percent with an average 0.5 point, down from last week when it averaged 2.92 percent. A year ago rates averaged 3.25 percent.

Source: Freddie Mac

Mortgage Rates Drop, Near 2016 Lows

“The Fed’s decision to stand pat followed by a week of assorted unsettling news drove Treasury yields lower,” says Sean Becketti, Freddie Mac’s chief economist. “As a consequence, the 30-year mortgage rate drifted down to 3.61 percent, just 3 basis points above the low for the year. Since the start of February, mortgage rates have varied within a narrow range, providing an extended period for house hunters to take advantage of historically low rates.”

Freddie Mac reports the following national averages for the week ending May 5:

  • 30-year fixed-rate mortgages: averaged 3.61 percent, with an average 0.6 point, dropping from last week’s 3.66 percent average. Last year at this time, 30-year rates averaged 3.80 percent.
  • 15-year fixed-rate mortgages: averaged 2.86 percent, with an average 0.5 point, falling from last week’s 2.89 percent average. Last year at this time, 15-year fixed-rate mortgages averaged 3.02 percent.

Source: Freddie Mac

Mortgage Rates Down Slightly From Last Week

Fixed-rate mortgages reversed course this week, pushing borrowing costs down slightly for home buyers or refinancers, Freddie Mac reports in its weekly mortgage market survey.

Freddie Mac reports the following  mortgage rates for the week ending June 19:

  • 30-year fixed-rate mortgages: averaged 4.17 percent, with an average 0.6 point, dropping from last week’s 4.20 percent average. Last year at this time, 30-year rates averaged 3.93 percent. For the week ending May 30, the 30-year fixed-rate mortgage averaged 4.12 percent, the low for the year.
  • 15-year fixed-rate mortgages: averaged 3.30 percent, with an average 0.5 point, falling slightly from a 3.31 percent average last week. A year ago, 15-year rates averaged 3.04 percent.
  • 5-year hybrid adjustable-rate mortgages: averaged 3 percent, with an average 0.4 point, dropping from last week’s 3.05 percent average. Last year at this time, 5-year ARMs averaged 2.79 percent.

Source: Freddie Mac

Mortgage Rates Dip Slightly This Week

Fixed-rate mortgages changed little this week, but remain near its highs in recent months.

Freddie Mac reports the following national averages for the week ending Dec. 12:

  • 30-year fixed-rate mortgages: averaged 4.42 percent, with an average 0.7 point, dropping from last week’s 4.46 average. Last year at this time, 30-year rates averaged 3.32 percent.
  • 15-year fixed-rate mortgages: averaged 3.43 percent, with an average 0.7 point, falling from last week’s 3.47 percent average. A year ago, 15-year rates averaged 2.66 percent.
  • 5-year hybrid adjustable-rate mortgages: averaged 2.94 percent, with an average 0.4 point, also dropping from last week’s 2.99 percent average. Last year at this time, 5-year ARMs averaged 2.70 percent.

Source: Freddie Mac

Mortgage Rates Drop Sharply This Week

The 30-year fixed-rate mortgage, the most popular choice among home buyers, dropped to its second lowest reading on record this week, Freddie Mac reports in its weekly mortgage market survey. 

“Market concerns over the European debt market drew investors to U.S. Treasury securities, lowering bond yields and mortgage rates,” says Frank Nothaft, chief economist at Freddie Mac.

Here are how rates fared for the week:

30-year fixed-rate mortgages: averaged 4 percent, with an average 0.7 point, down from last week’s 4.10 percent average. The 30-year fixed-rate mortgage is the second lowest on record, just behind the 3.94 percent record reached on Oct. 6. A year ago at this time, 30-year rates averaged 4.24 percent. 

  • 15-year fixed-rate mortgages: averaged 3.31 percent, with an average 0.7 point, falling from last week’s 3.38 percent average. Last year at this time, 15-year mortgages averaged 3.63 percent. 
  • 5-year adjustable-rate mortgages: averaged 2.96 percent this week, with an average 0.6 point, dropping from last week’s 3.08 percent. At this time last year, 5-year ARMs averaged 3.39 percent.
  • 1-year ARMs: averaged 2.88 percent this week, with an average 0.6 point, dropping from last week’s 2.90 percent average. A year ago at this time, the 1-year ARM averaged 3.26 percent. 

Source: Freddie Mac

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