Industry News

Jobs report pushes mortgage rates lower

30-year fixed drops to an average 5.74%

The ROI Producing Real Estate Event of the Summer
Reach top decision-makers at Inman Connect

Mortgage rates dropped this week after the release of September's disappointing employment report, according to the latest survey conducted by mortgage buyer Freddie Mac. In Freddie Mac's weekly survey, the 30-year fixed-rate mortgage averaged 5.74 percent for the week ended today, down from last week when it averaged 5.82 percent. The average for the 15-year fixed-rate mortgage this week is 5.14 percent, also down from last week when it averaged 5.24 percent. Points on both the 30- and 15-year averaged 0.6. One-year Treasury-indexed adjustable-rate mortgages averaged 4.01 percent this week, with an average 0.6 point, lower than last week when they averaged 4.08 percent. "The decline in mortgage rates was primarily due to a weak employment report for September, which suggested economic growth is still a bit subdued. As a result, we expect mortgage rates will continue to stay quite affordable over the next few months, benefiting future home buyers," said Freddie Mac's chief economi...