Mortgage Rates Drop on Weak Employment Data
From the Associated Press
Mortgage rates fell as a weaker-than-expected employment report helped ease concerns about inflation.
Mortgage lender Freddie Mac reported that rates on 30-year, fixed-rate mortgages averaged 6.62%, down from 6.67% last week, the highest level in nearly four years.
Rates on 15-year, fixed-rate mortgages fell this week to 6.23% from 6.26%. Rates on one-year adjustable-rate mortgages declined to 5.63% from 5.68% and five-year adjustable-rate mortgages dropped to 6.2% from 6.26%.
The rates do not include add-on fees known as points.
