Freddie Mac reported a decline in mortgage rates this week. "Mortgage rates had room to ease this week following news of a weaker jobs market, which may slow consumer spending and keep inflation at bay," Freddie Mac Chief Economist Frank Nothaft said 

Specifically, the 30-year fixed mortgage rate fell 12 basis points to 5.03%, 15-year fixed loans were down eight basis points to 4.64%, 5/1 Hybrid ARMs averaged 4.99% compared with 5.08% the previous week; and one-year ARMs were six basis points lower to 4.80%.

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