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Thirty-Year Loan Falls Lowest in Seven Weeks: Zillow

With the global economy overshadowed by debt crises, fleeing investors keep mortgage rates at record lows, as ""Zillow"":http://www.zillow.com/ reaffirmed Tuesday.


The real estate Web site polled its online audience, reporting that the benchmark 30-year fixed-rate mortgage hit 3.8 percent, the lowest rate in seven weeks.

""Continued instability in Europe in addition to the uncertainty caused by the ├â┬ó├óÔÇÜ┬¼├ï┼ôsuper committee's' failure to reach an agreement on a deficit reduction plan has pushed the average 30-year fixed mortgage rate down this week,"" Erin Lantz, director of Zillow Mortgage Marketplace, said in a statement.


A dearth for the 30-year fixed-rate loan reflects a fall by 10 basis points, down from 3.9 percent last week. The 15-year fixed-rate mortgage likewise hovered around 3.16 percent, with rates for the 5-year and 1-year adjustable-rate mortgage reaching 2.57 percent.

Among states, mortgages fell by five basis points to crest at 3.86 percent in California, down from 3.91 percent last week.

Colorado and Florida tied this week with mortgage rates in both states falling to 3.77 percent, down from 3.88 percent and 3.82 percent, respectively.

Mortgage rates in Illinois fell to 3.84 percent from 3.9 percent, reflecting a 6 basis-point plunge for the state.

New Jersey, Pennsylvania, and Washington saw the steepest fall in their mortgage rates, with numbers falling to 3.79 percent from 3.91 percent, 3.76 percent from 3.89 percent, and 3.8 percent from 3.9 percent, respectively.

Zillow listed New York as one state that saw a marginal increase in its mortgage rates, with numbers climbing from 3.93 percent from 3.87 percent.

""Mortgage rates will continue to stay historically low through Thanksgiving week,"" she added.

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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