30-Year Fixed Mortgage Rates Fall into the 3% Range

November 12, 2010 No Comments »

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The ever-popular 30-year fixed-rate mortgage could be scooped up for as low as 3.98 percent in the state of New York this week, according to Zillow.

It actually fell 30 basis points from a week earlier in the Empire State, when it stood at 4.28 percent.

In California, the 30-year fixed averaged 4.04 percent, down from 4.15 percent last week.

And in Florida, you could snag a 30-year mortgage for 4.02 percent, after it dropped from 4.13 percent a week earlier.

Nationwide, the popular loan program averaged a record low 4.07 percent during the week ending November 9, down from 4.14 percent last week.

The 15-year fixed fell to 3.51 percent from 3.60 percent, and the five-year adjustable-rate mortgage averaged 2.91 percent, down from 2.96 percent.

Zillow’s real-time mortgage rates come from thousands of mortgage quotes submitted anonymously to borrowers, so they’re actual mortgage rates, not a weekly survey or simply marketing rates.

It’s unclear, however, what the average loan origination fee is on the loans, and what the average loan-to-value ratio and credit score is.

Obviously all of these factors can and will shift your mortgage rate up or down accordingly (pricing adjustments) and affect APR.

Either way, it’s amazing to see 30-year fixed mortgage rates in the 3% range.  It certainly makes things more affordable for both those looking to purchase a home or refinance their current mortgage.

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