Mortgage

Zillow: Mortgage rates lower now than before Fed rate hike

Mortgage interest rates hit lowest level since October

While Freddie Mac’s latest Primary Mortgage Market Survey had the 30-year mortgage interest rate below 4% again, borrowers on Zillow were quoted interest rates well below that.

In fact, according to Zillow’s latest report on the interest rates borrowers are quoted on its mortgage marketplace, mortgage interest rates are actually lower now than they were before the Federal Open Market Committee announced in December that it is increasing the federal funds rate for the first time since June 2006.

Zillow’s latest report shows that the interest rate on the 30-year, fixed-rate mortgage fell in the week that ended Tuesday.

According to Zillow’s report, current rate borrowers were quoted on Zillow at 3.68%, down 13 basis points from the week before.

Zillow said that 30-year fixed mortgage rate fell steadily until Friday, followed by hovering around the current rate for the rest of the week.

“Mortgage rates fell last week despite strong U.S. economic data as investors sought safe assets in the wake of stock market turmoil in Asia,” said Erin Lantz, vice president of mortgages at Zillow. “With rates near their lowest levels since late October, we expect rates to move cautiously upward this week.”

Additionally, Zillow reported that the 15-year fixed mortgage rate was 2.87%, and for 5/1 ARMs, the rate was 2.97%.

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