Mortgage rates for 30-year fixed mortgages fell this week, with the current rate borrowers were quoted on Zillow Mortgage Marketplace at 4.06 percent, down from 4.22 percent at this same time last week.

The 30-year fixed mortgage rate steadily declined last week, leveling off near 4.12 percent over the weekend before falling to the current rate this morning.

“Mortgage rates during the past week have fallen back to lower levels, helped by Federal Reserve vice chair Janet Yellen’s assurances before the Senate Banking Committee that Federal Reserve stimulus won’t be removed too quickly. This trend halves the increases of the prior two weeks,” said Stan Humphries, chief economist at Zillow. “Looking ahead, rates will be influenced by the Federal Reserve’s meeting minutes, scheduled for late Wednesday, as observers try to read the tea leaves to assess the likelihood of a December taper.”

Additionally, the 15-year fixed mortgage rate this morning was 3.05 percent, and for 5/1 ARMs, the rate was 2.69 percent.

http://homes.yahoo.com/news/30-fixed-mortgage-rates-plummet-16-basis-points-192253906.html