WASHINGTON Mortgage rates tumbled for the second week in a row, falling to near all-time lows, according to Freddie Mac.
The average for the 30-year, fixed-rate loan slipped to 3.43%, from 3.54% last week; while the average for the 15-year mortgage fell to 2.65%, from 2.74%.
ARM rates also moved lower, with the average for the five-year ARM declining to 2.62%, from 2.65%; and the average for the one-year ARM inching down to 2.62%, from 2.63% last week.
Frank Nothaft, Freddie Mac’s chief economist, attributed the drop in mortgage rates to March’s weak employment report. “The economy added just 88,000 net new jobs last month, about one-third as many as February and the fewest since June 2012,” Nothaft said. “In addition, approximately 496,000 people left the workforce, causing the unemployment rate to fall to 7.6%. Further, average hourly earnings were unchanged in March, indicating income growth remains tepid.”
