Negative Jobs Report Prompts Drop in Mortgage Rates

Average fixed mortgage rates following 10-year Treasury yield lower after the May employment report came in well below expectations, according to the recently released Freddie Mac Primary Mortgage Market Survey® (PMMS®).

According to the PMMS, the 30-year fixed-rate mortgage (FRM) averaged 3.60 percent with an average 0.5 point for the week ending June 9, 2016, down from last week when it averaged 3.66 percent. A year ago at this time, the 30-year FRM averaged 4.04 percent.

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