The 30-year fixed mortgage rate on Zillow Mortgage Marketplace hit 4.37 percent for the week, down 15 basis points from 4.52 percent at this time last week. The 30-year fixed mortgage rate hovered between 4.56 and 4.48 percent for the majority of the week before steadily declining near the current rate during the weekend.
“Mortgage rates retreated late last week on a significant drop in new homes sales and weaker-than-expected manufacturing data,” said Erin Lantz, director of Zillow Mortgage Marketplace. “This week, if scheduled economic reports reveal additional downbeat economic data, rates could drift even lower heading into the Labor Day weekend.”
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 3.34 percent, while the rate for a 5-1 adjustable-rate mortgage (ARM) is 3.12 percent.