Seems like the New Year is off to a slow start as mortgage rates fell on 30-year fixed mortgage plans, an article featured on Zillow said that the rates fell to 3.74 percent.
As early as the first week of 2016, mortgage rates are already falling for long-term fixed mortgages. The real estate online Zillow said that a remarkable 3.74 percent was recorded on Monday. This number is down 7 basis points compared from last week's. Definitely something that people who would like to invest in real estate should check out before getting into any investment deals.
The rate for 30-year fixed mortgage was at 3.78 percent on Thursday and then stayed on that level during the weekend. It finally dropped to the current rate by the time the first day of the week rolled in.
Erin Lantz, vice president of mortgages at Zillow remarked on the unexpected market rate, "Mortgage rates fell early this week as financial markets returned from the New Year's holiday to a collapse in Asian equities, which pushed capital flows to safe assets including US mortgage bonds."
"We expect continued volatility this week leading up to Wednesday's publication of the December Federal Open Market Committee meeting minutes and Friday's all-important jobs report." Lantz said.
Numbers for 15-year fixed mortgage and for 5/1 ARMs rates were also published. 15-year fixed mortgage was at 2.96 percent while 5/1 ARMs were at 2.97 percent.
People thinking of investing in real estate may want to check on the rates beforehand. Zillow has timely and popular market trends developed especially for every state. Getting up-to-the-minute information is crucial in any major purchase such as real estate
Taking advantage of real estate investment tools such as rate calculators are also important to be able to find the best option that fits your needs.