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30-year fixed mortgage rates continue downward spiral

Zillow • Oct 2, 2013 at 11:26 AM

Mortgage rates for 30-year fixed mortgages fell again this week, with the current rate borrowers were quoted on Zillow Mortgage Marketplace at 4.08 percent, down from 4.17 percent at this same time last week.

The 30-year fixed mortgage rates have been steadily declining since last week, dropping to the current rate this morning. In just three weeks, 30-year fixed mortgage rates have dropped a total of 41 basis points.

“Mortgage rates hit 13-week lows as markets adjusted to the slower wind-down of the Federal Reserve’s stimulus program than what was expected,” said Erin Lantz, director of mortgages at Zillow. “This coming week, we do not expect the government shutdown to have any significant impact on mortgage rates. Any rise or fall in rates will be due to unexpected news out of Friday’s job report.”

Additionally, the 15-year fixed mortgage rate Tuesday morning was 3.12 percent, and for 5/1 ARMs, the rate was 2.90 percent.

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