Industry News

Weak job growth brings lower mortgage rates

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Long-term mortgage rates fell again this week mostly on news of disappointing job growth and an increase in jobless claims, Freddie Mac and reported today. In Freddie Mac's survey, the 30-year fixed-rate mortgage sank to an average 6.59 percent from last week's 6.68 percent, and the 15-year fixed-rate mortgage fell to 6.25 percent from 6.32 percent. Points, which are fees lenders charge for loan processing expressed as a percent of the loan, averaged 0.4 on the 30- and 15-year loans. Adjustable-rate mortgages (ARMs), however, were up this week, with the five-year Treasury-indexed hybrid ARM rising to 6.33 percent from 6.29 percent and the one-year ARM growing to 5.65 percent from 5.59 percent. Points on these loans averaged 0.5. "Interest rates on prime conforming fixed-rate mortgages eased further in the past week, according to the Primary Mortgage Market Survey, even though other sources such as HSH Associates reported that jumbo fixed rates increased by a quarter percen...