As the country heads into 2015, Americans’ New Year’s resolutions aren’t the only thing that will likely prove to be inconsistent. Rates for 30-year fixed mortgages fell after Christmas and will remain volatile as lenders and consumers focus on the holiday season, Zillow says in its latest report.
During the week of Dec. 29, mortgage rates for 30-year fixed mortgages fell to 3.72%, from 3.73% the week prior. Additionally, the 15-year fixed mortgage rate was 2.98%, and for 5/1 ARMs, the rate was 2.83%.
“Rates were volatile last week, primarily driven by low participation during the holiday-shortened week,” said Erin Lantz, vice president of mortgages at Zillow, in a Dec. 30 report. “Aside from Monday’s sharp decline in rates due to bad news out of Greece, we expect continued volatility this week due to limited activity as lenders and consumers focus on the New Year’s holiday.”
To view the report, click here.
Written by Emily Study