WASHINGTON (AP) – Long-term U.S. mortgage rates fell this week after three straight weeks of increases. The drop followed a surprisingly weak employment report that deepened doubts about the economy.
Mortgage buyer Freddie Mac says the average 30-year fixed-rate mortgage slipped to 3.60 percent from 3.66 percent last week. That is well below its level a year ago of 4.04 percent.
The average rate on 15-year fixed-rate mortgages declined to 2.87 percent from 2.92 percent.
The government reported Friday that hiring in May slowed to a near-standstill. While unemployment slid from 5 percent to 4.7 percent, the lowest since November 2007, the rate fell for a troubling reason: Nearly a half-million jobless Americans stopped looking for work and so were no longer counted as unemployed.