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Mortgage rates move lower on weak jobs report

Mortgage rates fell for the week after the weak May jobs report, Freddie Mac said.

Through Wednesday,  the 30-year fixed mortgage averaged 3.6 percent, down six basis points from the prior week. A year ago, the rate averaged 4.04 percent. Other key rates also declined.

Freddie’s Chief Economist Sean Becketti said that Treasury yields fell 10 basis points following the U.S. Department of Labor’s jobs report, which indicated that the economy added just 38,000 jobs in the month.

 "Growing optimism about the state of the economy was quickly erased with May's employment report,” he said. He noted that it is the 10th consecutive week that the 30-year rate has averaged under 3.7 percent, giving homeowners an extended opportunity to purchase homes at near historically low rates. 


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