The 30-year fixed mortgage rate on Zillow Mortgage Marketplace hit 4.38 percent for the week, down 11 basis points from 4.49 percent at this time last week. The 30-year fixed mortgage rate hovered between 4.49 and 4.44 percent for the majority of the week before dropping to the current rate on Monday.
“Mortgage rates dropped on Monday after former Treasury Secretary Larry Summers withdrew his name from consideration for Federal Reserve Chairman. His decision makes it more likely Fed Vice Chair Janet Yellen will take the role and continue Ben Bernanke’s fairly accommodative monetary policy that has helped keep rates low,” said Erin Lantz, director of Zillow Mortgage Marketplace. “Tomorrow, markets will be highly influenced by the Fed’s announcement and press conference, which will provide guidance on its plans to start winding down the stimulus program.”
Zillow’s real-time mortgage rates are based on thousands of custom mortgage quotes submitted daily to anonymous borrowers on the Zillow Mortgage Marketplace site, and reflect the most recent changes in the market. These are not marketing rates, or a weekly survey.
The rate for a 15-year fixed home loan is currently 3.36 percent, while the rate for a 5-1 adjustable-rate mortgage (ARM) is 3.05 percent.