Mortgage rates were lower this week after the May employment report came in well below expectations, according to Freddie Mac.
The 30-year fixed-rate mortgage averaged 3.6% for the week ending June 9, a six-basis-point drop from
"Growing optimism about the state of the economy was quickly erased with May's employment report. The disappointing release caused an immediate flight to quality resulting in the 10-year Treasury yield dropping 10 basis points on Friday," said Sean Becketti, chief economist at Freddie Mac.
The 15-year FRM averaged 2.87%, down from last week when it averaged 2.92%. A year ago at this time, the 15-year averaged 3.25%.
The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.82%, down from last week when it averaged 2.88%, while a year ago it averaged 3.01%.
"This week marks the 10th consecutive week the 30-year rate has averaged under 3.7%, allowing an extended window for homebuyers to take advantage of these historically low borrowing costs," Becketti added.
