According to the weekly mortgage rate survey conducted by Zillow Mortgage Marketplace, 30 year fixed mortgage rates plummeted 16 basis points to a current quoted average of 4.06 percent.

Recent fears of the Federal Reserve easing the stimulus that is currently holding mortgage rates, have pushed mortgage rates up over the past couple of weeks. However, Janet Yellen, Frederal Reserve Vice Chair, assured that the Fed will not be pulling it's stimulus any time soon.

Simple announcements by powerful people do affect mortgage rates. Since Yellen's statement, mortgage rates have eased and came back close to historical lows.