Mortgage rates have stabilized, after rates dipped last week following the Federal Reserve’s decision to defer a rate hike. While the Fed cannot directly affect the private mortgage market, it is a large indicator of mortgage rate movement. Without the Federal Reserve increasing the interest rate, mortgage rates are expected to remain largely stable for the remainder of 2015.
Zillow’s Mortgages currently sits at 3.73% for a 30-year fixed rate loan. It is important to note, however, that this average does not consider “points” which allow buyers to pay an upfront fee to lower their interest rate. The 15-year fixed rate loan is at 2.89%.