April 12, 2012 | last updated June 1, 2012 1:51 pm

30-year rate falls on weak jobs report

The 30-year mortgage rate averaged 3.88 percent for the week, down from 3.98 percent last week, and the 15-year rate averaged a new all-time record low of 3.11 percent, Yahoo.com reports, citing Freddie Mac released Thursday.

The drop, which was the third consecutive weekly decline, comes as long-term Treasury bond yields fell after a weaker than expected employment report for March, according to Frank Nothaft, vice president and chief economist, Freddie Mac.

Prior to the slightly more pronounced drop this week, the rate has lingered close to the 4% mark, topping it only one week so far this year.

Last year at this time, the 30-year rate averaged 4.91 percent.

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