June 9, 2011 by
Filed under Mortgage
Mortgage rates in the U.S. fell foran eighth week, reducing borrowing costs as unemployment reachedthe highest level this year.
The average rate for a 30-year fixed loan declined to 4.49percent in the week ended today from 4.55 percent, according toFreddie Mac. That’s the lowest since Dec. 2. The 15-year rateslipped to 3.68 percent from 3.74 percent a week ago, theMcLean, Virginia-based mortgage-finance company said.
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Demand for homes is restrained by stricter lendingstandards and high unemployment. U.S. companies in May added thefewest jobs in eight months, Labor Department data showed,sending down the 10-year Treasury yields that guide someconsumer loans, including mortgage rates. Unemploymentunexpectedly ticked up to 9.1 percent from 9 percent in April.
Declining borrowing costs are encouraging homeowners toreduce their monthly payments. The Mortgage BankersAssociation ‘s measure of refinancing rose 1.3 percent in theweek ending June 3. The Washington-based group’s purchasinggauge dropped 4.4 percent.
The average rate for a 30-year fixed loan is below where itwas last year at this time, when it was 4.72 percent, accordingto Freddie Mac . It fell to a record 4.17 percent in November.
To contact the reporter on this story:Prashant Gopal in New York at Pgopal2@bloomberg.net .
To contact the editor responsible for this story:Kara Wetzel at kwetzel@bloomberg.net
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