Mortgage rates for 30-year fixed mortgages fell this week, with the current rate borrowers were quoted on Zillow Mortgage Marketplace at 4.38 percent, down from 4.49 percent at this same time last week.
The 30-year fixed mortgage rate hovered between 4.49 and 4.44 percent for the majority of the week before dropping to the current rate on Monday.
“Mortgage rates dropped on Monday after former Treasury secretary Larry Summers withdrew his name from consideration for Federal Reserve chairman. His decision makes it more likely Fed Vice Chair Janet Yellen will take the role and continue Ben Bernanke’s fairly accommodative monetary policy that has helped keep rates low,” said Erin Lantz, director of Zillow Mortgage Marketplace. “Tomorrow, markets will be highly influenced by the Fed’s announcement and press conference, which will provide guidance on its plans to start winding down the stimulus program.”