30-Year FRM Drops Again

HousingWire tells MHProNews.com Zillow reports the 30-year fixed rate mortgage (FRM) dropped three basis points from 3.59 percent last week to 3.56 percent. The rate for a 15-year FRM hit 2.95 percent, while a 5-1 adjustable-rate mortgage (ARM) landed at 2.68 percent. Zillow Mortgage Marketplace Director Erin Lantz said she anticipates the record low interest rates to stabilize this week in spite of the proposed bailout of the Spanish banking system. However, she said there may be some movement after this weekend’s elections in Greece.

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