Industries Banking/Finance

Mortgage rates reach lowest levels of 2011

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Mortgage rates fell for the fourth consecutive week over concerns on national unemployment rates, according to Freddie Mac’s weekly survey.

The average 30-year, fixed-rate mortgage fell to 4.63 percent, down from 4.71 percent last week. Last year at this time the average rate was 4.93 percent.

The 15-year, fixed-rate mortgage also fell. The average this week was 3.82 percent, compared with 3.89 percent last week. A year ago, the average rate was 4.3 percent.

“Mortgage rates continued to decline this week following a mixed employment report. The economy added a healthy number of 244,000 workers in April, the most in 11 months, and the figures for March and February were revised up by 56,000 more jobs,” said Frank Nothaft, vice president and chief economist of Freddie mac. “However, the unemployment rate rose to 9.0 percent from 8.8 percent in
March and was the highest reading since January. In addition, wages grew by only 0.1 percent, which was below the market consensus forecast.”

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