30-Year Fixed Mortgage Rates Plunge to Lowest Level in 3 Months

30-Year Fixed Mortgage Rates Plunge Lowest Level
Zillow
Sep 26, 2013

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.

Comments

Darwin's choice

Now if only the banks would actually lend some money......!

The Hero Zone's picture
The Hero Zone

YUP! Going through that headache right now.

Darwin's choice

Good Luck!

Contango

Re: "headache"

Banks tend to lend money to people that "don't need it" and/or "can afford it."

I see that the FHA needs to go to the well:

http://www.bloomberg.com/news/20...

Zero percent down is alive and well.

Dr. Information

The only way you can get a loan nowadays without selling your soul is to have an exceptionally well credit score, money in the bank to put down and a great debt to income ratio. Factor all these in and 95% wont qualify.

marksimon112

“Mortgage rates hit 13-week lows as markets adjusted to the slower wind-down of the Federal Reserve’s stimulus program than what was expected,” said Erin Lantz, director of mortgages at Zillow. “This coming week, we do not expect the government shutdown to have any significant impact on mortgage rates. Any rise or fall in rates will be due to unexpected news out of Friday’s job report.”

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