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Mortgage rates fall
Average 30-year loan falls to 5.71% on the heels of a soft November payrolls report.
December 9, 2004: 11:36 AM EST

Mortgage Rates
30 yr fixed 3.80%
15 yr fixed 3.20%
5/1 ARM 3.84%
30 yr refi 3.82%
15 yr refi 3.20%

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Rates provided by Bankrate.com.

NEW YORK (CNN/Money) - Mortgage rates fell this week on the back of November's weaker-than-anticipated report on the labor market, home loan financier Freddie Mac said in a weekly survey.

The rate on 30-year fixed-rate mortgages averaged 5.71 percent in the week ended Thursday, with an average 0.7 of a point payable up front, down from an average 5.81 percent last week.

A year earlier, the rate on the 30-year fixed-rate loan stood at 6.02 percent.

The 15-year mortgage rate eased to 5.14 percent, with 0.6 of a point up front, from last week's 5.23 percent. Last year, the average rate stood at 5.36 percent.

One-year adjustable rate mortgages (ARMs) averaged 4.15 percent, down from 4.19 the week prior, with 0.7 of a point payable up front. At this time last year, the one-year ARM rate averaged 3.77 percent.

"Responding to a weak labor market report that showed November job growth to be far less than had been anticipated, long-term yields -- and that includes mortgage rates -- reversed last week's hike and fell to the previous week's level," said Frank Nothaft, Freddie Mac vice president and chief economist.

The Labor Department's November payrolls report showed a seasonally-adjusted net gain of 112,000 jobs, down from a revised 303,000 the previous month.

Economists surveyed by Briefing.com had forecast an increase of 200,000 jobs to non-farm payrolls in the November period.

"However, many other indicators remain strong and this we think will lead the Federal Open Market Committee to raise short-term rates another quarter point to a target of 2-1/4 percent, putting upward pressure on frequently adjusting ARMs," Nothaft added.

Freddie Mac's (down $0.63 to $67.70, Research) average mortgage rates are based on a survey of 125 lenders nationwide.  Top of page




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Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.