U.S. 30-year mortgage rates fell in week – Zillow

By Julie Haviv

NEW YORK, Oct 12 (BestGrowthStock) – Interest rates on 30-year
fixed-rate mortgages fell for a fourth straight week, real
estate website Zillow.com said on Tuesday.

Interest rates are historically low, offering a glimmer of
hope for a housing market that still faces plenty of obstacles.
Rock-bottom rates may boost home loan refinancing activity and
also makes homes more affordable.

Mortgage rates on 30-year fixed mortgages, the most widely
used loan, were 4.13 percent Tuesday afternoon, down from 4.16
percent at the same time last week, according to Zillow
Mortgage Marketplace.

That is the lowest rate reported since Zillow Mortgage
Marketplace launched in April 2008.

The 30-year fixed mortgage rate steadily declined in the
early part of the week reaching a low of 4.07 percent on
Friday, then hovered near 4.10 percent for the remainder of the
week, Zillow said.

Interest rates on other types of mortgages also fell.

Fifteen-year fixed mortgage rates were 3.65 percent, down
from 3.67 percent the prior week. Rates for 5/1 adjustable-rate
mortgages, or ARMs, set at a fixed rate for five years and
adjustable each following year, were 2.98 percent, down from
3.01 percent the prior week.

Zillow’s rates are based on thousands of custom mortgage
quotes submitted daily to anonymous borrowers through the
website. They are not marketing rates, or a weekly survey.

Mortgage rates are linked to yields on Treasuries and
yields on mortgage-backed securities. Yields move inversely to
price.

Mortgage rates may head higher.

Treasuries edged lower on Tuesday as investors booked
profits and sold safe-haven long-term U.S. debt.
(Editing by James Dalgleish)

U.S. 30-year mortgage rates fell in week – Zillow