30-Year-Fixed Mortgage Rates Fell 16 Points

Mortgage rates for 30-year fixed mortgages tumbled to their lowest rate in about six months this week, according to Zillow Blog. The current rate borrowers were quoted at 4.06% this week, down from 4.22% last week.  It might be a good time for summer 2013 buyers to re-finance.

This fall occurred steadily last week, leveling off at 4.12% this past weekend, and then dropped again to yesterday's rate.

Graph Courtesy of Zillow Blog

Chief economist at Zillow Stan Humphries provides his insight into this occurrence.

"Mortgage rates during the past week have fallen back to lower levels, helped by Federal Reserve vice chair Janet Yellen's assurances before the Senate Banking Committee that Federal Reserve stimulus won't be removed too quickly.  This trend halves the increases of the prior two weeks."

We can anticipate the rates continuing to be influenced by the Federal Reserve's meeting minutes, while observers tentatively assess a potential tapering in December's market.

The 15-year fixed mortgage rate came in at 3.05%, and 5/1 ARMs came in at 2.69%.

What do these figures mean for you as you look for a home?  Send me an e-mail or give me a call and we can discuss.