Freddie Mac reports a four-week fixed-rate mortgage decline

Thirty-year fixed-rate mortgages averaged 4.63 percent for the week ending May 12, according to Freddie Mac’s weekly primary mortgage market survey data. The figure marks four consecutive weeks of decline. The year high, Feb. 10, for 30-year mortgages was 5.05 percent.

A 15-year fixed-rate mortgage averaged 3.82 percent this week compared with 4.3 percent the year ago period.

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Five-year Treasury-indexed hybrid adjustable-rate mortgages averaged 3.41 percent, down from 3.47 percent the week before and 3.95% a year earlier. One-year Treasury-indexed ARMs were 3.11 percent, a drop from 3.14 percent the prior week and 4.02 percent a year previous.

In a statement, Freddie Mac Vice President and Chief Economist Frank Nothaft attributed the decline to a mixed employment rate.

“The economy added a healthy number of 244,000 workers in April,” he said, but “the unemployment rate rose to 9 percent from 8.8 percent in March and was the highest reading since January.” TRD