The 30-year fixed mortgage rate dropped Wednesday, then hovered around 3.88 percent for most of the week before falling to the current rate.
“Rates dropped to the lowest level since June 2013 on news that the Federal Reserve has more reservations about the health of the U.S. and global economy than expected, which in turn, may delay rate hikes,” said Erin Lantz, vice president of mortgages at Zillow. “With little economic news planned to overshadow the Fed’s latest comments, this week we expect rates to fairly remain stable, hovering just shy of 4 percent.”
Purchase Mortgage Application Activity
Zillow predicts tomorrow’s seasonally adjusted Mortgage Bankers Association Weekly Application Index will show purchase loan activity was unchanged from the week prior. To learn more about this Zillow analysis, click here.
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*The weekly mortgage rate chart illustrates the average 30-year fixed interest in six-hour intervals.