30 Year Mortgage Rate Falls to 3.88% After Weak Jobs Report
The 30-year mortgage rate averaged 3.88% for the week ending April 12, 2012, down from 3.98% last week, and the 15-year rate averaged a new all-time record low of 3.11%, according to data from Freddie Mac released on Thursday. The drop, which was the third consecutive weekly decline, comes as long-term Treasury bond yields fell after a weaker than expected employment report for March, according to Frank Nothaft, vice president and chief economist, Freddie Mac. The weekly data have become a checking in point for those looking to call a bottom in the great housing debate. The Daily Ticker sums it up: "Housing bulls point to a stabilization of prices in many metro areas, overall sales at a 5-year high, a decline in the inventory of homes for sale, fewer foreclosures and record levels of affordability ... Bears note that national home prices are still falling, albeit at a slower pace, while buying a home is unthinkable for millions of Americans suffering from bad credit, toug...
