30-Year Fixed Mortgage Rates Decline After Reaching 23-Month High
Mortgage rates for 30-year fixed mortgages fell this week, with the current rate borrowers were quoted on Zillow Mortgage Marketplace at 4.17 percent, down from 4.38 percent at this same time last week.
The 30-year fixed mortgage rate hovered between 4.43 and 4.35 percent early last week, before falling near the current rate on Thursday.
"Last week mortgage rates retreated from a 23-month high as the Fed sought to reassure markets that the wind-down of the stimulus program would be gradual and contingent upon strong improvement in economic fundamentals," said Erin Lantz, director of Zillow Mortgage Marketplace. "This coming week, market participants will be focused on Friday's jobs report as an indicator of whether the economic recovery is strong enough to withstand an earlier-than-expected withdrawal of Fed stimulus."
Additionally, the 15-year fixed mortgage rate this morning was 3.24 percent, and for 5/1 ARMs, the rate was 3.21 percent.
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