Fixed Rates Drop to 3.35 Percent

The 30-year fixed mortgage rate on Zillow Mortgage Marketplace is currently 3.35 percent, down eight basis points from 3.43 percent at this same time last week. The 30-year fixed mortgage rate hovered between 3.49 and 3.32 percent for the majority of the week, dropping to the current rate this morning. “Rates dropped last week after a weaker-than-expected U.S. jobs report on Friday,” said Erin Lantz, director of Zillow Mortgage Marketplace. “This coming week, we expect rates to remain depressed as lingering eurozone concerns and Japan’s new monetary policy push investors to safer asset types like U.S. mortgage-backed securities." The rate for a 15-year fixed home loan is currently 2.54 percent, while the rate for a 5-1 adjustable-rate mortgage (ARM) is 2.28 percent.