The weekly average rate on a 30-year fixed-rate mortgage declined for the most recent week, breaking a five-week uptrend.
For the week ending Aug. 12, the mortgage rate was at 6.67 percent, marginally down from 6.69 percent in the prior week, according to data from Freddie Mac. Since the week ending July 1, rates have been rising every week.
In an Aug. 12 report, real estate marketplace Zillow credited the latest softer jobs and weaker inflation data for taking “some pressure off mortgage rates.”
The U.S. labor market stalled last month, with payrolls declining by 23,000 in July, well below estimates of 80,000 new job additions. The July number was below the average monthly gain of 34,000 new jobs in the previous 12 months….