30-Year Fixed Mortgage Rates Continue Downward Spiral

30-Year Fixed Mortgage Rates Continue Downward Spi
Zillow
Oct 2, 2013

Mortgage rates for 30-year fixed mortgages fell again this week, with the current rate borrowers were quoted on Zillow Mortgage Marketplace at 4.08 percent, down from 4.17 percent at this same time last week.

The 30-year fixed mortgage rates have been steadily declining since last week, dropping to the current rate this morning. In just three weeks, 30-year fixed mortgage rates have dropped a total of 41 basis points.

“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.”

Additionally, the 15-year fixed mortgage rate this morning was 3.12 percent, and for 5/1 ARMs, the rate was 2.90 percent.

Comments

coasterfan

More good news on the economy. I like things a lot better when Democrats run the show. Last time a Republican was in office, the economy tanked, unemployment went into double digits, I lost my job when 80% of workers in my industry were downsized, and almost lost my house. It's funny to hear some people try to say that things are worse in 2013 than they were in 2008, despite all obvious evidence to the contrary...

Darwin's choice

Story telling troll. Where have you recycled this tale from?

JudgeMeNot

Pretty much every media outlet not based in the USA is portraying Obama as a bungling idiot. Facts.

grumpy

Last I checked unemploment from 08, the rate was never over 7.5 or something for over 15 years. It never went over that till 09... when a democrat was in office, and stayed over that for over 4 years... while under democrat rule in both houses of congress, and the president for the first two years, and still with the Senate and president as democrats for almost 3 years. With less than a year under that 7.5% unemployment line. But those are just facts, not how you feel.

http://www.bls.gov/opub/ted/2009...

The Hero Zone's picture
The Hero Zone

Just got a 30-year for ~4.75%.

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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