The average 15-year fixed and 30-year fixed-rate mortgages in the US have dropped recently, according to the US Federal Home Loan Mortgage Corp.
The average 30-year fixed-rate mortgages fell to 4.71 percent from 4.77 percent, while the average 15-year fixed-rate mortgages declined to 4.08 percent from 4.13 percent, said Freddie Mac.
“Bond yields drifted lower, following the release of the December employment report, which was weaker than the market consensus forecast and implied that the labor market is still in a sluggish recovery,” said Frank Nothaft, Chief Economist and Vice President of Freddie Mac.
He added that “fixed mortgage rates followed bond yields lower for the second consecutive week, bringing them to a four-week low.”