Mortgage Rates Take Another Dip
Average fixed-rate mortgages moved lower this week, amid a weaker than expected jobs report in March, Freddie Mac reports in its weekly mortgage market survey.
"Mortgage rates fell across the board following last week's disappointing employment report," says Len Kiefer, Freddie Mac’s deputy chief economist. The U.S. economy added 126,000 new jobs in March, well below market expectations of 247,000 jobs, Kiefer notes.
Freddie Mac reports the following national averages with mortgage rates for the week ending April 9:
- 30-year fixed-rate mortgages: averaged 3.66 percent, with an average 0.6 point, dropping from last week's 3.70 percent average. Last year at this time, 30-year rates averaged 4.34 percent.
- 15-year fixed-rate mortgages: averaged 2.93 percent, with an average 0.6 point, down from a 2.98 percent average last week. A year ago, 15-year rates averaged 3.38 percent.
- 5-year hybrid adjustable-rate mortgages: averaged 2.83 percent, with an average 0.5 point, dropping from last week’s 2.92 percent. Last year at this time, 5-year ARMs averaged 3.09 percent.
- 1-year ARMs: averaged 2.46 percent, with an average 0.4 point, unchanged from last week. A year ago, 1-year ARMs averaged 2.41 percent.
Source: Freddie Mac