Urban Institute: Qualified Mortgage impact overblown

Urban Institute: Qualified Mortgage impact overblown

New rules have only slightly slowed mortgage lending

WATCH: Former Wells Fargo CEO calls BofA fine “extortion”

Kovacevich says fine is political and has “nothing to do with justice”

BofA reaches $16.65B settlement over "toxic waste" mortgages

Loans date back to Countrywide and Merrill Lynch
W S

Zillow: Rate on 30-Year-Mortgage Drops to Record Low Week-to-Week

/ Print / Reprints /
| Share More
/ Text Size+
The 30-year fixed-mortgage rate (FRM) dropped week-to-week nationally averaging 4.28%, according to Zillow Mortgage Marketplace's weekly update. This is down 0.1% and a new record low according to their data. Last week's averages remained steady. Regionally 30-year rates are varying, but the majority of states saw a drop.  California's current rate is 4.33%, down from 4.34% last week, as is Colorado's at 4.26%, down from 4.28%.  Rates substantially decreased in New York to 4.23% (from 4.46%), Massachusetts to 4.28% (from 4.61%), Florida to 4.18% (from 4.33%) and Washington to 4.36% (from 4.56%) from last week.. Texas is down to 4.27% from 4.36%  and Illinois state average is down to 4.33% from 4.31%. Zillow reported the rate for 15-year fixed home loans at a national average 3.85%, while the rate for a 5-1 adjustable-rate mortgage (ARM) is at 3.27%. Zillow's rates are based on real-time mortgage quotes from lenders registered with, but not exclusively bound to the company. The national average comes from thousands of daily quotes given to anonymous borrowers through their website.  State averages are also available. Write to Christine Ricciardi. The author has not relevant investments.

Recent Articles by Christine Ricciardi

Comments powered by Disqus