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 Bankrate.com. 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 ...