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Mortgage Rates Tumble on Disappointing Jobs Report

""Freddie Mac's"":http://www.freddiemac.com/ latest Primary Mortgage Market Survey showed average fixed mortgage rates finding yet another record low.

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The 30-year fixed-rate mortgage averaged 3.56 percent (0.7 point) this week, down from 3.62 percent the previous week. At the same time last year, the 30-year loan averaged 4.51 percent. This week marks the fourth month that the 30-year average has stayed below 4 percent.

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The 15-year fixed-rate mortgage also fell, averaging 2.86 percent (0.7 point), a drop from 2.89 percent last week. A year ago, the 15-year fixed averaged 3.65 percent.

The same took place for the 5-year adjustable-rate mortgage (ARM), which averaged 2.74 percent with a 0.6 point, down from 2.79 percent from the week before. The 1-year ARM inched up a bit, traveling to 2.69 percent from 2.68 percent a week ago.

""Frank Nothaft"":http://www.freddiemac.com/bios/exec/nothaft.html, VP and chief economist with Freddie Mac, attributed the falling rates to Treasury bond yields, which eased on the heels of a disappointing jobs report in June.

""Bankrate.com's"":http://www.bankrate.com/ findings showed that the jumbo 30-year fixed fell to 4.44 percent, while the 15-year fixed drop to 3.05 percent-both record lows. The popular 5-year ARM also fell to a new record low of 2.95 percent.

""Between the European debt crisis and evidence of weaker economic growth both in the U.S. and around the globe, investors have had plenty to worry about,"" the finance website said in a statement. ""And when investors worry, they gravitate toward secure investments like U.S. government bonds, to which mortgage rates are pegged.""

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