Mortgage rates fall again after weak jobs report | Bedford NY Real Estate

Mortgage rates dipped for the second consecutive week following a disappointing jobs report.

Rates on 30-year fixed-rate mortgages averaged 3.43 percent with an average 0.8 point for the week ending April 11, down from 3.54 percent last week and 3.88 percent a year ago, Freddie Mac said in releasing the results of its latest Primary Mortgage Market Survey. Rates on 30-year fixed-rate loans hit a low in Freddie Mac records dating to 1971 of 3.31 percent during the week ending Nov. 21, 2012.

For 15-year fixed-rate mortgages, rates averaged 2.65 percent with an average 0.7 point, down from 2.74 percent last week and 3.11 percent a year ago. Rates on 15-year fixed-rate loans hit a low in Freddie Mac records dating to 1991 of 2.63 percent during the week ending Nov. 21, 2012.

For five-year Treasury-indexed hybrid-rate mortgage (ARM) loans, rates averaged 2.62 percent with an average 0.5 point, down from 2.65 percent last week and 2.85 percent a year earlier. Rates on five-year Treasury-indexed hybrid-rate mortgage (ARM) loans hit an all-time low in records dating to 2005 of 2.61 percent during the week ending March 21.

Rates on one-year Treasury-indexed ARM loans averaged 2.62 percent with an average 0.3 point, down from 2.63 percent last week and 2.8 percent a year ago. Rates on one-year ARM loans hit a low in records dating to 1984 of 2.52 percent during the week ending Dec. 20, 2012.

Looking back a week, a separate survey by the Mortgage Bankers Association showed applications for purchase loans down a seasonally adjusted 1 percent during the week ending April 5 from the week before. Purchase applications were up 4 percent from a year ago.