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Mortgage Rates Still Historically Low But Stable: Zillow

Mortgage rates continued to show signs of stability this week, with rates for the 30-year fixed-rate mortgage largely repeating a series of bumpy but steady fluctuations.

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Real estate Web site ""Zillow"":http://www.zillow.com/ fielded 3.88 percent for the 30-year loan, nine basis points down from 3.97 percent last week after a back-and-forth between 3.89 percent and 3.98 percent.

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The company said that rates for the 15-year loan averaged 3.1 percent this week, with those for 5-year and 1-year adjustable-rate mortgages not far behind at 2.72 percent.

Interest rates for mortgage loans have stayed near record lows for the past several months, with experts attributing jumps between hot and cold to the Federal Reserve's extension for historically low rates and debt crisis in Europe.

""Rates were down slightly from last week's five-month high, but have held steady at this new, somewhat higher plateau,"" ""Erin Lantz"":http://www.zillow.com/profile/Erin-Lantz/, director of Zillow Mortgage Marketplace, said in a statement.

She said that any plunge for rates this week would be ""triggered by fairly dramatic economic news out of the United States or Europe, neither of which we expect this week.""

Earlier Tuesday the ""Federal Housing Finance Agency"":http://www.fhfa.gov/ said in a monthly note that interest rates for 30-year loans had fallen to 4.36 percent from figures seen in January.

About Author: Ryan Schuette

Ryan Schuette is a journalist, cartoonist, and social entrepreneur with several years of experience in real-estate news, international reporting, and business management. He currently lives in the Washington, D.C., area, where he freelances for DS News and MReport.
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