December’s discouraging jobs report caused mortgage rates to pull back once again this week.
Freddie Mac’s weekly Primary Mortgage Market Survey shows the 30-year fixed-rate mortgage (FRM) falling.Mortgage rates drifted downward this week amid signs of a weakening economic recovery,” explained Freddie Mac chief economist Frank Nothaft.In addition to December’s disappointing jobs report—which showed payroll growth of only 74,000 along with a substantial drop in labor participation—Nothaft cited weak retail sales numbers as another factor in this week’s rate movements. Finance site Bankrate also reported declines in fixed and adjustable rates for the week. See Credit Score and Purchasing Power.
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