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Zillow: Mortgage Rates Plummet to 16-Month Low

NationalMortgageProfessional.com
Oct 15, 2014

The 30-year fixed-rate mortgage (FRM) on Zillow Mortgages is currently at 3.81 percent, down 15 basis points from this time last week. The 30-year FRM dropped Wednesday, then hovered around 3.88 percent for most of the week before falling to its current rate.

"Rates dropped to the lowest level since June 2013 on news that the Federal Reserve has more reservations about the health of the U.S. and global economy than expected, which in turn, may delay rate hikes," said Erin Lantz, vice president of mortgages at Zillow. "With little economic news planned to overshadow the Fed's latest comments, this week we expect rates to fairly remain stable, hovering just shy of four percent."

Zillow's real-time mortgage rates are based on thousands of custom mortgage quotes submitted daily to anonymous borrowers on the Zillow Mortgages 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 2.96 percent, while the rate for a 5-1 adjustable-rate mortgage (ARM) is 2.70 percent.

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