30-year mortgage reverses course, drops

30-yearShocking jobs report impacts rates

By Brena Swanson | HousingWire

Erasing an upward trend witnessed for the past several weeks, average fixed mortgage rates dropped due to the May employment report coming in well below expectations, Freddie Mac’s Primary Mortgage Market Survey showed.

May’s nonfarm payroll employment only increased 38,000, which was much lower than the anticipated 160,000, according to the U.S. Bureau of Labor Statistics.

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