Freddie Mactoday released the results of itsPrimary Mortgage Market Survey(PMMS), showing mortgage rates following long-term bond yields lower amid weaker than expected jobs gains and an increase in the unemployment rate.

News Facts

• 30-year fixed-rate mortgage(FRM) averaged 4.51 percent with an average 0.7 point for the week endingJuly 14, 2011, downfrom last week when it averaged 4.60 percent. Last year at this time, the 30-year FRM averaged 4.57 percent.

• 15-year FRMthis week averaged 3.65 percent with an average 0.6 point, downfrom last week when it averaged 3.75 percent.A year ago at this time, the 15-year FRM averaged 4.06 percent.

• 5-year Treasury-indexed hybrid adjustable-rate mortgage(ARM) averaged 3.29 percent this week, with an average 0.6 point,down from last week when it averaged 3.30 percent. A year ago, the 5-year ARM averaged 3.85 percent.

• 1-year Treasury-indexed ARMaveraged 2.95 percent this week with an average 0.5 point, downfrom last week when it averaged 3.01 percent. At this time last year, the 1-year ARM averaged 3.74 percent.

Average commitment rates should be reported along with average fees and points to reflect the total cost of obtaining the mortgage. Visit the following links forRegional and National Mortgage Rate DetailsandDefinitions.

Quotes

Attributed toFrank Nothaft, vice president and chief economist, Freddie Mac.

• "Long-term bond yields and mortgage rates fell this week following a weakemployment report. The economy added 18,000 jobs in June, well below the market consensus forecast, and the unemployment rate rose to 9.2 percent, the highest sinceDecember 2010. In addition, employee wages stagnated. These factors may lead to less consumer spending, which in turn, reduces the threat of inflation in the near term."