Mortgage rates fell to their lowest levels in a year amid a faltering US labour market and traders pricing in a rate cut by the US Federal Reserve, which it did yesterday by 25 basis points to 4% to 4.25%.
The average interest rate of 30-year fixed-rate mortgages fell to 6.30% from 6.62% four weeks ago, while the rate notched down to 6.31% for the 30-year jumbo mortgages from 6.64% a month ago. The rate on the 15-year fixed-rate mortgage was down to 5.51% from 5.83% a month ago.
