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by CareyBot

Mortgage rates dropped further below 6 percent this week as weak job growth hinted at economic stagnation, according to surveys conducted by mortgage buyer Freddie Mac and Bankrate. In Freddie Mac's weekly survey, the 30-year fixed-rate mortgage averaged 5.85 percent, down from 5.99 percent a week earlier. This average was the lowest since early April. The 15-year fixed-rate mortgage dropped to 5.24 percent from 5.4 percent last week. Points on both the 30- and 15-year averaged 0.6. One-year Treasury-indexed adjustable-rate mortgages held steady at 4.08 percent this week, with an average 0.6 point. "Last Friday's unexpectedly weak employment report caused interest rates on long-term Treasury bonds and, by extension, mortgage rates, to fall as investors worried about the health of the ...