Mortgage interest rates have been edging up over the last few months, until today, when they fell on less than expected job growth. Bankrate.com reports:
The thing that moved mortgage rates came a few days before Bernanke's speech, in the May employment report. It needed little interpretation. Job growth was weak, when Wall Street had expected it to be strong. Bond yields tumbled, and long-term mortgage rates followed.
The average rate for the 30 year fixed ended the week at 6.69 percent. The 15 year fixed ended at 6.31 percent. The 5-year ARM ended at 6.32 percent. These are only averages. Some lenders may be able to offer lower rates than these, while others may be higher.
-John Mudd
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