Friday’s disappointing jobs report pushed mortgage rates lower this week, according to the latest data released Thursday by Freddie Mac. That’s good news for house hunters as they head into the busy spring home-buying season.
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The 30-year fixed-rate average dropped to its lowest level since early February, falling to 3.66 percent with an average 0.6 point. (Points are fees paid to a lender equal to 1 percent of the loan amount.) It was 3.7 percent a week ago and 4.34 percent a year ago.
The 15-year fixed-rate average slid to 2.93 percent with an average 0.6 point. It was 2.98 percent a week ago and 3.38 percent a year ago. The 15-year fixed rate has remained below 3 percent for the past three weeks.
[Hiring slowed in March]
Hybrid adjustable rate mortgages were mixed. The five-year ARM average sank to 2.83 percent with an average 0.5 point. It was 2.92 percent a week ago and 3.09 percent a year ago.
The one-year ARM average has remained at 2.46 percent with an average 0.4 point for the past five weeks.
[New minutes show Federal Reserve sticking to a gradual approach on rates]
Len Kiefer, Freddie Mac deputy chief economist, cited the most recent employment data when explaining why rates came down this week.
“The US economy added 126,000 new jobs in March, well below market expectations of 247,000 jobs,” Kiefer said in a statement.
“We did see some uptick in wages, as average hourly earnings increased 7 cents for the month, and are up 2.1 percent over the year. Meanwhile, jobless claims fell sharply to 268,000 this week, much lower than market expectations of 285,000.”
read more: http://www.washingtonpost.com/blogs/where-we-live/wp/2015/04/09/mortgage-rates-pushed-down-by-disappointing-jobs-report/
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