Jobs report sends mortgage rates near record lows
The average 30-year fixed-rate mortgage dropped to 3.43 percent this week from 3.54 a week ago, hovering near the 65-year record low of 3.31 percent, according to Freddie Mac.
The average on the 15-year loan dipped to 2.65 percent from 2.74 percent, and just above the record 2.63 percent.
“Mortgage rates fell further this week following a lackluster employment report for March,” said Frank Nothaft, Freddie Mac vice president and chief economist. “The economy added just 88,000 net new jobs last month, about one-third as many as February and the fewest since June 2012.
“In addition, approximately 496,000 people left the workforce causing the unemployment rate to fall to 7.6 percent. Further, average hourly earnings were unchanged in March, indicating income growth remains tepid.”