Zillow: Fixed-Rates Drop After Historic Rise

The 30-year fixed mortgage rate on Zillow Mortgage Marketplace is currently 4.17 percent, down 21 basis points from 4.38 percent at this time last week. The 30-year fixed mortgage rate hovered between 4.43 and 4.35 percent early last week, before falling near the current rate on Thursday. “Last week mortgage rates retreated from a 23-month high as the Fed sought to reassure markets that the wind-down of the stimulus program would be gradual, and contingent upon strong improvement in economic fundamentals,” said Erin Lantz, director of Zillow Mortgage Marketplace. “This coming week, market participants will be focused on Friday’s jobs report as an indicator of whether the economic recovery is strong enough to withstand an earlier-than-expected withdrawal of Fed stimulus.” 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. The rate for a 15-year fixed home loan is currently 3.24 percent, while the rate for a 5-1 adjustable-rate mortgage (ARM) is 3.21 percent.