Mortgage rates for 30-year fixed rates continued a downward trend, with the weekly average rate borrowers were quoted on Zillow Mortgage Marketplace at 5.04%, down from 5.09% the week prior. For 15-year fixed mortgages, borrowers were quoted on average, 4.48% and for 5/1 ARMs, 4.02%.
This morning, the national rate for 30-year fixed purchase mortgages was 5.02%. Check Zillow Mortgage Marketplace for up-to-the-minute mortgage rates.
Excellent news for the real estate market. Many buyers, sellers, and investors in Washington, DC, have been waiting for them to bottom out.
Brandon, are you saying potential buyers, sellers,and investors have been waiting for a 5 basis point move? What nonsense. Interest rates can go to zero and it won’t matter much. It’s not about the rate. It’s about home values and affordability.
Tell the 10% + of the work force that are unemployed or the millions of bagholders that are underwater that mortgage rates dropped 5bps.
More mindless realtor babble.
I think it’s still a good news anyway
I have to agree with abe. Until home prices stabilize the mortgage rate is of little value. And until we have an organic real estate market I really don’t see any progress
I see both sides. It is good news however; an organic real estate market would be nice!
We will not see real strength until we see more liquidity in the Jumbo Loan Market.
Its nice to see the mortgage rates going down, with all the homeowners out there struggling to pay their mortgage every month.
About time the rates got lower, and values so we can all have a chance..
Be good if they reflected the saving rates being offered by the banks, someone is making money out of the interest rates.
The media is filled with headlines that can strike fear in a home seller’s heart. Real estate prices are falling.
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