Mortgage rates dropped in the week ending July 14 in response to the sharp decline in yields following the much-weaker-than-expected jobs report, said Freddie Mac Chief Economist Frank Nothaft. 

The GSE's weekly survey reported 30-year fixed rate mortgages recovered all of last week's nine basis points increase, declining back to 4.51% with an average 0.7 point, which is two basis points above the year-to-date low.

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