Industry News

Interest rates drop on ‘disappointing’ job news

All eyes on next week's inflation reports

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Mortgage rates reversed a three-week uptrend after lower-than-expected job growth in May eased market fears of excess inflation, according to the latest surveys conducted by Freddie Mac and Bankrate.com. In Freddie Mac's survey, the 30-year fixed-rate mortgage dipped to an average 6.62 percent for the week ended today, down from last week's average of 6.67 percent. The average for the 15-year fixed-rate mortgage sank to 6.23 percent from last week's average of 6.26 percent. Points, which are fees charged by lenders for loan processing, averaged 0.5 on both the 30- and 15-year loans. The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 6.2 percent this week, with an average 0.5 point, down from last week when it averaged 6.26 percent. The one-year Treasury-indexed ARM averaged 5.63 percent, with an average 0.8 point, down from last week when it averaged 5.68 percent. "Mortgage rates are down a little this week on news of disappointing job growth in May c...