Economic worries drag down mortgage rates again
Disappointing jobs data and the beginning of corporate earnings season send investors to bonds, pushing yields lower.
| Downpayment: | $ | |
| Interest rate: | % | |
| Yearly property taxes: | $ | |
| Yearly homeowner's insurance: | $ | |
 |
||
| 30 yr fixed mtg | 5.11% |
| 15 yr fixed mtg | 4.71% |
| 30 yr fixed jumbo mtg | 5.94% |
| 5/1 ARM | 4.25% |
| 5/1 jumbo ARM | 4.76% |
NEW YORK (CNNMoney.com) -- Home mortgage rates fell for the third time in four weeks, with the 30-year fixed slipping to 5.59% from 5.7% the prior week, according to a report released Thursday.
The average 15-year mortgage rate also fell, dropping to 4.93% from 5.07%, according to the weekly national survey from Bankrate.com.
"A disappointing June jobs report, coupled with the onset of quarterly earnings season, has many again viewing the economic glass as half-empty," the report said.
As a result of those factors investors have flocked to the safety of government and mortgage-backed bonds, the report added, sending mortgage rates back down to levels last seen on Memorial Day. Mortgage rates are closely related to yields on long-term government debt.
A report released last week said home prices fell 18.1% from a year earlier, but the change from March narrowed sharply in a possible sign that housing markets may be starting to turn.
Current rates remain much lower than last year's levels, when the average 30-year fixed mortgage rate was 6.48%, according to Bankrate.com.
At the current rate of 5.59%, the monthly payment on a $200,000 mortgage would be $1,146.51, or about $114 less than the monthly payment at last year's rate of 6.48%.
Adjustable rates: ARMs were mixed, the report said, with the average 1-year ARM ticking up to 5.18% from 5.17% and the 5-year ARM falling to 5.05% from 5.17%. 
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