Through Wednesday, the 30-year fixed mortgage averaged 3.6 percent, down six basis points from the prior week.
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Thursday prices for mortgage loans stepped as areas responded towards the depressing May careers statement, mortgage supplier Freddie Mac said.
Erasing an upward trend witnessed for the past several weeks, average fixed mortgage rates dropped due to the May employment report coming in well below expectations, Freddie Mac’s Primary Mortgage Market Survey showed.
The jobs report raised doubts that the Federal Reserve will increase short-term interest rates at its meeting next week or perhaps even at its subsequent meeting in July.
The average fee for a 30-year mortgage was unchanged from last week at 0.5 point. A year ago at this time, the 15-year averaged 3.25%.
To calculate average mortgage rates, Freddie Mac surveys lenders across the country at the beginning of each week. Example: The lowest current average rates being offered for 30-year fixed mortgages are for homes in Alabama, the District of Columbia, Georgia, Iowa, Louisiana, Mississippi, New Mexico, Oklahoma, South Carolina, and Tennessee. The 15-year fixed rallied as well, averaging 2.87 percent, 5 basis points better than last week’s 2.92 percent.
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In addition to rate outlooks, any decision to lock a mortgage rate should be based on a borrower’s risk tolerance and short- and long-term goals. The fee remained at 0.5 per cent.
