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30-Year Fixed Mortgage Rate Drops 13 Basis Points From Seven-Month High

Date:January 4, 2011 | Author:Lauren Riefflin | Category:Home Mortgage

Mortgage rates for 30-year fixed mortgages fell this week, with the current rate borrowers were quoted on Zillow Mortgage Marketplace at 4.6 percent, down from 4.73 percent at this same time last week.

The 30-year fixed mortgage fell from a 4.8 percent peak early in the week and hovered near 4.68 percent for the remainder of the week, before falling to the current rate.

Additionally, the 15-year fixed mortgage rate on Tuesday morning was 3.98 percent and for 5/1 ARMs, the rate was 3.23 percent.

What are the rates right now? Check Zillow Mortgage Marketplace for up-to-the-minute mortgage rates for your state.

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Responses (9)

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MH for Movoto 2:16 PM - Jan 4,2011

hey, that’s fantastic. i think many of us saw it coming, though. with prices low and nobody buying, rising mortgage rates weren’t doing anyone a favor.
Houses for Sale MN 10:17 AM - Jan 6,2011

Over here in Minneapolis, I’m not noticing that the interest rates affecting my buyers’ ambition one way or another. They all seem to be focused more on home price than interest rate right now. Could this be because rates are so low still (from a historical perspective)?
Shoreview Homes 10:23 AM - Jan 6,2011

Rates fluctuate every day. No one knows the forecast for the long-term trend, but I’d be willing to bet that the rates hover around their current average (along with daily micro fluctuations) for some time to come.