Home » Mortgage rates slide on heels of weak jobs data: Freddie Mac
Mortgage rates slide on heels of weak jobs data: Freddie Mac
April 9, 2015
WASHINGTON (4/10/15)--Mortgage rates stepped lower during the week ending April 9--likely pushed down by a weak jobs report last week that found that the economy had added fewer than 200,000 jobs for the first time in more than a year.
The 30-year fixed-rate mortgage rate dropped to 3.66% from 3.70% for the week, according to Freddie Mac. On an annual basis the rate is down from 4.34% (Housingwire.com April 9).
"Mortgage rates fell across the board following last week's disappointing employment report," said Len Kiefer, Freddie Mac deputy chief economist. "The U.S. economy added 126,000 new jobs in March, well below market expectations."
Kiefer did add, however, that wage growth climbed slightly, while jobless claims fell this week to 268,000, "much lower than market expectations of 285,000."
The 15-year fixed-rate mortgage rate dropped to 2.93% from 2.98% for the week and is down from 3.38% year-over-year.
The five-year Treasury-indexed hybrid adjustable-rate mortgage fell to 2.83% from 2.92%, down from 3.09% annually. And the one-year Treasury-indexed adjustable-rate mortgage remained at 2.46%.