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Total Mortgage Services' Blog

By Total Mortgage Services, LLC | Mortgage Broker
or Lender in Connecticut

Mortgage Rates Unchanged This Week

Just a brief update here:

According to Zillow’s weekly mortgage rates survey, the average rate on a 30 year fixed mortgage was unchanged last week, staying at 4.14 percent.  The average rate on a 15 year fixed mortgage was 3.6 percent, and the average rate on a 5/1 ARM was 3.01 percent. Freddie Mac’s mortgage rate survey comes out tomorrow, and it will likely show a fairly similar result.

Mortgage rates have been at or close to historical low points for about two months now.  The low rates are attributable to a number of factors, but the prospect of additional quantitative easing from the Federal Reserve is one of the main reasons they continue to hit all-time lows.

While low mortgage rates have encouraged many borrowers to refinance their existing mortgages, they have not spurred home sales as some may have hoped.  The market is still depressed from general economic conditions and the lack of demand following the expiration of the homebuyer tax credits in April.

 
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