Mortgage rates decline on weaker jobs report

Freddie: Rates drop to 3.66%

Average fixed mortgage rates moved lower following a weaker than expected jobs report for March, according to the latest from Freddie Mac.

30-year fixed-rate mortgage averaged 3.66% with an average 0.6 point for the week ending April 9, 2015, down from last week when it averaged 3.70%. A year ago at this time, the 30-year FRM averaged 4.34%. 

“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,” said Len Kiefer, deputy chief economist for Freddie Mac.

“We did see some uptick in wages, as average hourly earnings increased 7 cents for the month, and are up 2.1% over the year. Meanwhile, jobless claims fell sharply to 268,000 this week, much lower than market expectations of 285,000,” Kiefer said.

The 15-year FRM this week averaged 2.93% with an average 0.6 point, down from last week when it averaged 2.98%. A year ago at this time, the 15-year FRM averaged 3.38%. 

The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.83% this week with an average 0.5 point, down from last week when it averaged 2.92%. A year ago, the 5-year ARM averaged 3.09%.

The 1-year Treasury-indexed ARM averaged 2.46% this week with an average 0.4 point, unchanged from last week. At this time last year, the 1-year ARM averaged 2.41%.   

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