Mortgage rates drop following GOP tax bill

Zillow via Builder

The prime 30-year fixed mortgage rate quoted on Zillow dropped eight basis points over the past week, following House Republicans’ release of the tax reform bill. The 3.73% average is the lowest level reached since the end of September, according to Zillow data.

Zillow reports:

Of particular relevance to the mortgage market is the new proposed cap on mortgage interest deductions for existing and newly purchased homes, placed at $500,000. The bill put downward pressure on rates because an elimination or decrease of the interest deduction would make borrowing less attractive.

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