By Joe Szabo, Scottsdale Real Estate Team
Mortgage rates for 30-year fixed mortgages fell this week, with the current rate borrowers were quoted on Zillow Mortgages at 3.72 percent, down from 3.73 percent at this same time last week.
The 30-year fixed mortgage rate hovered between 4.01 percent and 3.75 percent for most of the week before settling at the current rate.
“Rates were volatile last week, primarily driven by low participation during the holiday-shortened week,” said Erin Lantz, vice president of mortgages at Zillow. “Aside from Monday’s sharp decline in rates due to bad news out of Greece, we expect continued volatility this week due to limited activity as lenders and consumers focus on the New Year’s holiday.”
Additionally, the 15-year fixed mortgage rate this morning was 2.98 percent, and for 5/1 ARMs, the rate was 2.83 percent.
Purchase mortgage application activity
Zillow predicts tomorrow’s seasonally adjusted Mortgage Bankers Association Weekly Application Index will show purchase loan activity decreased by 4 percent from the week prior. To learn more about this Zillow analysis, click here.
What are the interest rates right now? Check Zillow Mortgages for mortgage rate trends and up-to-the-minute mortgage rates for your state.
Please note that this Scottsdale Real Estate Blog is for informational purposes and not intended to take the place of a licensed Scottsdale Real Estate Agent. The Szabo Group offers first class real estate services to clients in the Scottsdale Greater Phoenix Metropolitan Area in the buying and selling of Luxury homes in Arizona. Award winning Realtors and Re/MAX top producers and best real estate agent for Luxury Homes in Scottsdale, The Szabo group delivers experience, knowledge, dedication and proven results. Contact Joe Szabo at 480.688.2020, info@ScottsdaleRealEstateTeam.com or visit www.scottsdalerealestateteam.com to find out more about Scottsdale Homes for Sale and Estates for Sale in Scottsdale and to search the Scottsdale MLS for Scottsdale Home Listings.
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