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.
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