Mortgage Rates Lower on Weak Jobs Report

Mortgage Rates Lower
 

Mortgage Rates Lower on Weak Jobs Report

Freddie Mac released the results of its Primary Mortgage Market Survey® (PMMS®) showing average fixed mortgage rates moving lower following a weaker than expected jobs report for March.

30-Year Fixed Rate Mortgages

According to Freddie Mac’s Primary Mortgage Market Survey® (PMMS®) average 30-year fixed rate mortgages averaged 3.66 percent, down from last week when it averaged 3.70 percent. A year ago at this time, the 30-year FRM averaged 4.34 percent.

15-Year Fixed Rate Mortgages

The average 15-year fixed rate mortgage averaged 2.93 percent, down from last week when it averaged 2.98 percent. A year ago at this time, the 15-year FRM averaged 3.38 percent.

5-Year Adjustable Rate Mortgages

The average five-year Treasury-indexed hybrid adjustable rate mortgage (ARM) averaged at 2.83 percent, down from last week when it averaged 2.92 percent. A year ago, the 5-year ARM averaged 3.09 percent.

1-Year Adjustable Rate Mortgages

The average one-year Treasury-indexed ARM is at 2.46 percent, unchanged from last week. At this time last year, the 1-year ARM averaged 2.41 percent.

Contact a licensed mortgage loan professional to take advantage of mortgage rates while they are still historically low. Find a loan officer near you or apply online for a mortgage loan and we will redirect your application to a qualified loan professional near you.

Attributed to Len Kiefer, deputy chief economist, Freddie Mac:

“Mortgage rates fell across the board following last week’s disappointing employment report. The US economy added 126,000 new jobs in March, well below market expectations of 247,000 jobs. 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 [PDF] fell sharply to 268,000 this week, much lower than market expectations of 285,000.”

Original Source: Freddie Mac interest rates listed above are national averages as reported by Freddie Mac. Individual interest rates are dependent upon credit approval and may include points. Average mortgage points are also reported in Freddie Mac’s Primary Mortgage Market Survey. Other mortgage financing fees may apply. Contact your lender for detailed information.

Want to Lock & Shop?

Inlanta is pleased to announce Inlanta Lock & Shop for home buyers who haven’t found a property but want to lock in an interest rate now. This Lock & Shop program is appealing to home buyers who fear a reduction in buying power as mortgage rates increase.

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