30-Year Fixed Mortgage Rates Plunge to Lowest Level in 3 Months
Aug 27, 2014 at 3:13 PM
Mortgage rates for 30-year fixed mortgages fell this week, with the current rate borrowers were quoted on Zillow Mortgage Marketplace at 4.17 percent, down from 4.38 percent at this same time last week.The 30-year fixed mortgage rates fell sharply Wednesday to 4.24 percent and remained relatively stable for the majority of the week before dropping to the current rate this morning. In just two weeks, 30-year fixed mortgage rates have dropped a total of 32 basis points.“Rates plunged to levels not seen since mid-June after the Federal Reserve surprised many by announcing plans to wait for signs of stronger economic growth before scaling back its stimulus program,” said Erin Lantz, director of mortgages at Zillow. “Next week, we expect rates to remain fairly flat as markets continue to digest the Fed’s announcement and look for particularly strong or surprisingly weak economic data before making major changes.”Additionally, the 15-year fixed mortgage rate this morning was 3.19 percent, and for 5/1 ARMs, the rate was 2.96 percent.