The 30-year fixed mortgage rate on Zillow Mortgage Marketplace is currently 3.47 percent, up one basis point from 3.46 percent at this same time last week. The 30-year fixed mortgage rate hovered between 3.44 and 3.5 percent for the majority of the week, dropping to the current rate this morning. Zillow's real-time mortgage rates are based on thousands of custom mortgage quotes submitted daily to anonymous borrowers on the Zillow Mortgage Marketplace site, and reflect the most recent changes in the market. These are not marketing rates, or a weekly survey.
"Mortgage rates fell slightly early last week as markets reacted to economic uncertainty in Cyprus, but later rebounded as the country emerged with a bailout plan," said Erin Lantz, director of Zillow Mortgage Marketplace. "This coming week, we expect some volatility related to political uncertainty in Italy, but with a shortened U.S. trading week, we expect the impact to be muted."
The rate for a 15-year fixed home loan is currently 2.64 percent, while the rate for a 5-1 adjustable-rate mortgage (ARM) is 2.28 percent.