Fed Cuts Rates and Mortgage Rates Go Lower on Zillow Mortgage Marketplace

Today, the Federal Reserve cut the main U.S. interest rate to “a target range” of between zero and 0.25 percent. Wall Street cheered and the stock market gained on the news. Usually, when the Fed cuts rates, mortgage rates don’t always drop. Today, however, we’re seeing mortgage rates on 30-year fixed mortgages drop to 4.92% at day’s end on Zillow Mortgage Marketplace. Yesterday at this time they hovered around 5.06%. Pretty sweet.

2 Comments so far

Shawn on December 16, 2008 8:50 pm

Yeah, I saw this on the news today and started calling my friends saying “Did you see that, THE RATES…)..and they said it might drop some more. People, take advantage if you can.

Thanks

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Mortgage Rates Keep Dropping…4.7%?! | Zillow® Blog on December 17, 2008 11:18 am

[...] Our blog post from last evening is already out of date… mortgage rates continue to drop this morning. As of this post at 10:15am PT, the average 30-year fixed rate on Zillow Mortgage Marketplace is 4.7%. Wow. [...]