The 30-year, fixed-mortgage rate decreased after a stable two weeks, to new record low at 4.07%, according to the Zillow Mortgage Marketplace weekly update. Zillow said the current 15-year, fixed average rate is 3.51% and the rate for a 5-1 adjustable rate mortgage is 2.91%. That type of mortgage maintains a steady rate for five years and then is adjusted annually thereafter. Regionally, 30-year rates vary, but the majority of states witnessed a deflation. New York’s average rate fell 30 basis points to 3.98% last week, down from 4.28%. Rates in Florida fell substantially also, down to 4.02% from 4.13% the previous week, California’s rate decreased to 4.04% from 4.15%, and Texas saw its average rate disintegrate to 4.11% from 4.17%. Pennsylvania’s current rate of 4.08% is down from 4.11% last week. Colorado’s average rate for a 30-year fixed mortgage shrunk to 4.10% from 4.14% at Nov. 2. Washington’s 30-year FRM increased to 4.12%. Zillow bases its averages on real-time mortgage quotes from lenders registered with the company. The national average comes from thousands of daily quotes by anonymous borrowers through the Seattle-based company’s website. Write to Christine Ricciardi.
Zillow 30-year FRMs hit new low at 4.07%
Most Popular Articles
Latest Articles
Kristen Sieffert leads the reverse mortgage presence at The Gathering
FOA’s president spoke about bringing reverse mortgages into the mainstream at the event in Scottsdale, Arizona.