Rates on the most popular types of mortgages declined, with 30-year fixed rates sliding nearly a tenth of a percentage point to their lowest level since mid-January, according to HSH.com’s Weekly Mortgage Rates Radar. The average rate for conforming 30-year fixed-rate mortgages fell by nine basis points (0.09 percent) to 3.59 percent. Conforming 5/1 Hybrid ARM rates decreased by three basis points, closing the Wednesday-to-Tuesday wraparound weekly survey at an average of 2.62 percent.
“The March employment report was far weaker than expected, with just 88,000 new hires,” said Keith Gumbinger, vice president of HSH.com. “This raises concerns that the economy is losing traction as spring unfolds, perhaps following the same pattern seen over the last two years.”