30-Year Fixed Rates Rise Slightly, National Rates Drop Sharply
By: Sarah Greenleaf, PR Intern | October 20, 2009
Mortgage rates for 30-year fixed rates stayed below 5.00% this week, with the weekly average rate borrowers were quoted on Zillow Mortgage Marketplace at 4.97%, up slightly from 4.95% the week prior. For 15-year fixed mortgages, borrowers were quoted on average, 4.38% and for 5/1 ARMs, 3.87%.
This morning, the national rate for 30-year fixed purchase mortgages was 4.77%.
What are the rates right now? Check Zillow Mortgage Marketplace for up-to-the-minute mortgage rates.
- Stumble it!
- Categories: Mortgages
Comments
4 Comments so far
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Paul Caparas on October 21, 2009 1:15 am
The rates are great right now!
Gainesville FL Homes on October 21, 2009 11:31 am
These low rates are probably a once in a lifetime opportunity!
DebtFree on October 21, 2009 2:52 pm
A few months ago, when both interest rates and home prices were higher than today, realtors were claiming it was a “once in a lifetime opportunity.”
Obviously, it wasn’t.
And as home prices continue their decline in the coming years, prospective buyers will find far more opportunities than today.
Most home sellers still believe “We’re just around the corner to a return of happy-time 2005 prices!” when in fact those prices will not be seen again for another 15 to 20 years. The fundamentals (jobs, income) simply did not support that pricing level. Hence the massive foreclosure backlog, hence the massive rise in mortgage defaults, hence rising unemployment, hence hoe prices will decline another 20-30% further by the time we hit bottom in 2012.
money&mortgages on October 24, 2009 4:52 am
Very useful info, since interest on savings is so low, why aren’t mortgage rates even lower, or banks lending more?..