Mortgage Rates Drop Below 5.00%
By: Sarah Greenleaf, PR Intern | October 6, 2009
Mortgage rates for 30-year fixed rates dropped below 5.00% this week, with the weekly average rate borrowers were quoted on Zillow Mortgage Marketplace at 4.96%, down from 5.02% the week prior. For 15-year fixed mortgages, borrowers were quoted on average, 4.39% and for 5/1 ARMs, 3.85%.
This morning, the national rate for 30-year fixed purchase mortgages was 4.90%.
What are the rates right now? Check Zillow Mortgage Marketplace for up-to-the-minute mortgage rates.
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- Categories: Mortgages
Comments
6 Comments so far
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New Toronto Condos on October 6, 2009 8:37 pm
Well, Australia has already started to hike up their interest rates, Canada could be next. I’m not sure if mortgage rates will stay this low for long.
Paul Caparas on October 7, 2009 1:22 am
Yeah, one of my clients locked 4.875% 30 fixed a few days ago. Great rates and low home prices!
John Gallagher on October 10, 2009 5:30 am
They simply can’t stay this low for this long
Property Mortgage on October 10, 2009 11:03 am
That is cheap, prob is savers will pull their money out if the rates don’t improve soon and then the banks will lose cash investments.
Leslie Mendenhall on October 11, 2009 1:49 pm
The question I have? I own a title insurance company in Florida and we have files - many of them - that are not getting closed. What good is a GREAT rate if the buyers and sellers are “put through” the ringer waiting and waiting and hoping to get the transaction complete? AND how are the rates helping he economy if the loans don’t close, which I also see happening.
Is this only happening here in South Florida? Does anyone have the key to unlocking the secret of the banks’ inability to close the loans?
Then we have the poor folks that are anxiously awaiting short sale approval of the sellers. By the time THAT happens they have to go through the entire process of getting approved, updated, etc. And thus the cycle begins again.
Our company has the ability to handle a LOT more work - would love to get these closings complete and help a lot more people realize their dream of home ownership.
Can anyone out there help? Our economy needs this streamlined, sooner rather than later.
Jumbo Home Mortgage on October 11, 2009 4:02 pm
Sure would be nice if the jumbo mortgage would make a re appearance. The death grip that is on the industry is making any type of recovery. I hate to think that the sector will disappear because every home will be appraised within conforming guidelines.