WASHINGTON Average mortgage rates were mixed in the latest week, showing little change following a weaker-than-expected July jobs report, according to Freddie Mac.
The average for the 30-year fixed-rate mortgage was 4.4%, up from 4.39% a week earlier; and the average for the 15-year home loan was 3.43%, unchanged from a week earlier.
The average for the five-year ARM inched up to 3.19% from 3.18%; while the average for the one-year ARM eased to 2.62% from 2.64%.
“Even though the unemployment rate fell to 7.4% in July, which was the lowest since December 2008, the economy added only 161,000 jobs, short of the market consensus forecast,” said Frank Nothaft, chief economist for Freddie Mac. “In addition, revisions subtracted 26,000 workers in the prior two months. Finally, hourly wages fell 0.1% in July, representing the first decline since October 2012.”
