Mortgage Rates Fall After Weak Jobs Report

July 14, 2011

Mortgage rates followed long-term bond yields lower amid weaker than expected jobs gains and an increase in the unemployment rate.

According to the latest Freddie Mac Primary Mortgage Market Survey, the 30-year fixed-rate mortgage (FRM) averaged 4.51 percent with an average 0.7 point for the week ending July 14, down 4.60 percent a week ago. Last year at this time, the 30-year FRM averaged 4.57 percent.

Meanwhile, the 15-year FRM this week averaged 3.65 percent with an average 0.6 point, down from 3.75 percent. A year ago at this time, the 15-year FRM averaged 4.06 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.29 percent this week, with an average 0.6 point, down an average of 3.30 percent. A year ago, the 5-year ARM averaged 3.85 percent.

The 1-year Treasury-indexed ARM averaged 2.95 percent this week with an average 0.5 point, down an average of 3.01 percent. At this time last year, the 1-year ARM averaged 3.74 percent.