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Mortgage rates fall to three-year low, Freddie Mac reports

Mortgage rates fell to a low point for the year following last week’s weaker-than-expected jobs report, Freddie Mac reported.

Through Wednesday, the 30-year fixed rate averaged 3.57 percent, down four basis points and the third consecutive weekly decline, Freddie reported. A year ago, the rate averaged 3.85  percent. Other rates also fell.

Last week, the U.S. Labor Department announced that the economy added 160,000 jobs, which was under expectations.

"Disappointing April employment data once again kept a lid on Treasury yields, which have struggled to stay above 1.8 percent since late March,” said Freddie Mac’s Chief Economist Sean Becketti said. “As a result, the 30-year mortgage rate fell 4 basis points to 3.57 percent, a new low for 2016 and the lowest mark in 3 years.”

Becketti noted that rates have fallen in 14 of the previous 19 weeks, which should be helpful for home buyers. 


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