Both the 30-year fixed mortgage rate and jumbo 30-year fixed fell to 4.27%. The 30-year mortgage dropped from 4.33% two weeks ago.
The 15-year fixed mortgage rate decreased to 3.49% from 3.53% two weeks ago. Adjustable mortgage rates were also down – the 5-year ARM slid to 3.46% from 3.49% two weeks ago, while the 7-year ARM went down to 3.66% - the lowest rate since November.
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Strong employment rates push bond yields and mortgage rates up, but that wasn’t the case last week, as Bankrate reported a decline of 4.27% in mortgage rates after bond yields slid due to economic anxiety.