Mortgage Rates Drop After New Year Celebrations
Mortgage rates for 30-year fixed mortgages fell this week, with the rate borrowers were quoted on Zillow at 3.74 percent on Monday, down 7 basis points from last week.
The 30-year fixed mortgage fell to 3.78 percent on Thursday, then hovered there before dropping to the current rate on Monday.
“Mortgage rates fell early this week as financial markets returned from the New Year’s holiday to a collapse in Asian equities, which pushed capital flows to safe assets including U.S. mortgage bonds,” said Erin Lantz, vice president of mortgages at Zillow. “We expect continued volatility this week leading up to Wednesday’s publication of the December Federal Open Market Committee meeting minutes and Friday’s all-important jobs report.”
Additionally, the 15-year fixed mortgage rate was 2.96 percent, and for 5/1 ARMs, the rate was 2.97 percent.