Mortgage Rates: 30 Year Mortgage Rates Back Under 4.50% on More Bad Economic News

Mortgage rates continue to decline on bad economic news that points to a  slowing economy. 30 year mortgage rates are now back under 4.50%, averaging 4.46% on the latest negative economic news. The May jobs report released this morning shows only 54,000 new jobs were created in May - the lowest number in 9 months. The unemployment rate also rose slightly to 9.1% up from 9.0%. Mortgage rates will stay near record lows if the economy continues to slow down.