Freddie Mac's most recent Primary Mortgage Market Survey revealed another period of decline after interest rates had risen slightly the previous week.
For the week ending July 14, interest rates for 30-year fixed-rate mortgages settled at 4.51 percent, down from 4.6 percent the previous week and 4.57 percent last year. Rates for 15-year FRMs averaged 3.65 percent, which declined from 3.75 percent last week and 4.06 percent last year.
"Long-term bond yields and mortgage rates fell this week following a weak employment report," said Freddie Mac chief economist and vice president Frank Nothaft. "The economy added 18,000 jobs in June, well below the market consensus forecast, and the unemployment rate rose to 9.2 percent, the highest since December 2010."
The rates for adjustable-rate mortgages were also down from the previous week. Rates for five-year ARMs settled at 3.29 percent, down from 3.30 percent last week and 3.85 percent from the previous year. One-year ARMs had an average interest rate of 2.95 percent during the recent week, moving down from 3.01 percent last week and an average of 3.74 percent last year.