Industry News

Mortgage rates retreat on jobs report, terrorism

Global unrest impacts yields on Treasury bonds

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A disappointing labor market report and terrorist bombings in India helped take mortgage rates lower this week, according to surveys conducted by Freddie Mac and In Freddie Mac's survey, the 30-year fixed-rate mortgage fell to an average 6.74 percent this week, down from last week's average of 6.79 percent. The average for the 15-year fixed dropped to 6.37 percent from last week's average of 6.44 percent. Points, which are fees charged by lenders for loan processing expressed as a percent of the loan, averaged 0.6 on the 30-year and 0.4 on the 15-year loans. The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 6.33 percent this week, with an average 0.5 point, down from last week's average of 6.39 percent. The one-year Treasury-indexed ARM averaged 5.75 percent, with an average 0.6 point, down from last week when it averaged 5.83 percent. "June's employment report caught financial markets off guard. In response, long-term bond yields eased a bit this ...