Market Rates Unlikely to Move Due to Europe, Inflation
Mortgage rates for 30-year fixed mortgages fell this week, with the current rate borrowers were quoted on Zillow at 3.79 percent, down 4 basis points from last week.
The 30-year fixed mortgage rate fell Friday, then hovered around 3.80 percent before dipping to the current rate on Tuesday.
“Last week, mortgage rates remained flat until weak U.S. economic data and stronger than expected oil supplies caused a drop at the week’s end,” said Erin Lantz, vice president of mortgages at Zillow. “Rates are unlikely to move much higher this week, as markets make sense of the political situation in Europe and look to U.S. inflation and output data, as well as the release of minutes from the Federal Open Market Committee’s October meeting and commentary from several committee voters.”
Additionally, the 15-year fixed mortgage rate was 2.95 percent, and for 5/1 ARMs, the rate was 3.00 percent.