U.S. 30-year fixed mortgage rates fell to a record low of 3.62 percent following a weak employment report for June, mortgage financier Freddie Mac said Thursday.
The average 30-year rate has been below 4 percent for 16 weeks. Fifteen-year mortgages averaged 2.86 percent, down from 2.89 percent in the previous week. Five-year adjustable rate mortgages fell to 2.74 percent and one-year ARMs rose to 2.69 percent.
Following a lackluster employment report for June, long-term U.S. Treasury bond yields eased somewhat this week allowing fixed mortgage rates to reach yet another record low, said Frank Nothaft, chief economist of Freddie Mac, in a statement.