Mortgage Rate Volatility Expected This Week
Mortgage rates for 30-year fixed mortgages fell this week, with the current rate borrowers were quoted on Zillow Mortgage Marketplace at 4.16 percent, down from 4.19 percent at this same time last week.
The 30-year fixed mortgage rate peaked at 4.22 percent last Tuesday before plummeting Wednesday afternoon to 4.14 percent, where rates continued to hover for the remainder of the week.
“Last week, rates dipped to the lowest level in seven weeks as weaker-than-expected home sales and continued concerns over geo-political stability in Ukraine kept downward pressure on rates,” said Erin Lantz, vice president of mortgages at Zillow. “This week, we expect more volatility as both the mid-week Federal Open Market Committee announcement and Friday’s jobs report have the potential to move markets.”
Additionally, the 15-year fixed mortgage rate this morning was 3.15 percent, and for 5/1 ARMs, the rate was 2.81 percent.