Mortgage rates dropped sharply, spurred by a disappointing report on job growth for the month of March. The average 30-year fixed-rate mortgage fell 14 basis points this week to 4.11%. The 15-year fixed-rate mortgage dropped 10 basis points to 3.32%. The five-year adjustable rate mortgage is also down, 12 basis points, coming in at 3.03%.
News that the U.S. economy added just 120,000 jobs renewed fears of whether the economic recovery will be sustained. Add to that the ongoing European debt issues and forecasts for slower growth in corporate earnings, and you have the recipe for lower mortgage rates.
Of course, with lower mortgage rates and a more affordable housing market, buying a home has never been a better bargain. And if you're in the market to buy a home, you should study up to get the best mortgage rate possible. You can start your search, right here, at Bankrate.com.
I'm Kristin Arnold.