Mortgage rates dropped "thanks" to a weak jobs report, mortgage financier Freddie Mac reported today.
The 30-year fixed averaged 5.03 percent during the week ending March 12, down from 5.15 percent last week and 6.13 percent a year ago. That's very close to January's all time recorded low of 4.96 percent. Rates have drifted up and down only by about one-quarter of a percent in the first months of this year.
The 15-year averaged 4.64 percent, down from 4.72 percent a week earlier and 5.60 percent this time last year. A weaker jobs market may slow consumer spending and keep inflation at bay," said Frank Nothaft, Freddie Mac vice president and chief economist.
Jumbo loans continue to price about one-and-a-half points higher than conforming loans.
Freddie's weekly interest rate survey covers conforming mortgages with a loan-to-value of 80 percent.