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Wednesday, 26 November 2014

Fixed Mortgage Rate below four percent for Eighth Straight Week

Mortgage rates for 30-year fixed mortgages fell this week, with the present rate borrowers were quote on Zillow Mortgages at 3.77 %, down from 3.82 % at this same time last week.

The 30-year fixed mortgage rate fell steadily last week before settling at the current rate.

Rates ease last week on Europe’s weak economic data and the unexpected rate cut from China’s central bank, said vice president of mortgages at Zillow. Looking ahead, with several main U.S. data reports scheduled for release, we expect modest instability in this holiday-shortened week.

Additionally, the 15-year fixed mortgage rate this morning was 2.96 %, and for 5/1 ARMs, the rate was 2.78 %.

Purchase Mortgage Application Activity

Zillow predict tomorrow’s seasonally adjusted Mortgage Bankers Association Weekly Application Index will show purchase loan action did not change from the week prior.

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