The average rate for a 30-year fixed mortgage fell to 3.43 percent this week from 3.54 percent last week, and the 15-year fixed rate mortgage fell from 2.74 percent last week to 2.65 percent. The average rate on a five-year adjustable-rate mortgage fell to 2.62 percent from 2.65 percent last week, while the one-year ARM fell to 2.62 percent from 2.63 percent last week.
“Mortgage rates fell further this week following a lackluster employment report for March,” Freddie Mac Vice President and Chief Economist Frank Nothaft said. “The economy added just 88,000 net new jobs last month, about one-third as many as February and the fewest since June. In addition, approximately 496,000 people left the workforce causing the unemployment rate to fall to 7.6 percent. Further, average hourly earnings were unchanged in March, indicating income growth remains tepid.”