Average US 30-year mortgage rate slips to 3.60 percent

AP News
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Posted: Jun 09, 2016 10:27 AM
Average US 30-year mortgage rate slips to 3.60 percent

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.