Following a surprisingly weak employment report that has deepened doubts about the strength of the current economy, long term mortgage rates fell this week after three straight weeks of increases. According to mortgage buyer, Freddie Mac, the average 30 year fixed-rate mortgage has slipped to 3.60% from 3.66% just last week. That is well below it’s level a year ago with a rate of 4.04% at that time. The average rate on a 15 year fixed-rate mortgage declined to 2.87% from 2.92%. This is a great time to see your mortgage lender about making financing arrangements for that new home!