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Mortgage Rates Move Lower Following Weak Jobs Report

June 9, 2011

Weaker than expected job growth in May pushed both fixed and adjustable-rate mortgages to new lows for the year.

According to Freddie Mac’s weekly mortgage market survey, the 30-year fixed rate mortgage (FRM) averaged 4.49 percent with an average 0.7 point for the week ending June 9, down from last week when it averaged 4.55 percent. Last year at this time, the 30-year FRM averaged 4.72 percent.

"Long-term Treasury yields moved lower following a weak jobs report and mortgage rates followed suit,” said Frank Nothaft, vice president and chief economist for Freddie Mac. “The economy added 54,000 jobs in May, the fewest in eight months, and factories cut payrolls for the first time in seven months. As a result, the unemployment rate rose to 9.1 percent, representing the highest rate since December.”

Meanwhile, the 15-year FRM averaged 3.68 percent with an average 0.7 point, down from last week when it averaged 3.74 percent. A year ago at this time, the 15-year FRM averaged 4.17 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.28 percent this week, with an average 0.5 point, down from last week when it averaged 3.41 percent. A year ago, the 5-year ARM averaged 3.92 percent.

The 1-year Treasury-indexed ARM averaged 2.95 percent this week with an average 0.5 point, down from last week when it averaged 3.13 percent. At this time last year, the 1-year ARM averaged 3.91 percent.

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