The 30-year fixed mortgage rate on Zillow Mortgage Marketplace is currently 3.98 percent, the lowest rate since mid-June, down eighteen basis points from 4.16 percent at this time last week. The 30-year fixed mortgage rates steadily declined early last week, leveling off near 4.04 percent on Friday before dropping to the current rate this morning.
"Last week, rates dipped after the debt-ceiling deal was reached, then slumped further after this morning's disappointing jobs report," said Erin Lantz, director of mortgages at Zillow. "This week, we expect rates to stabilize at this lower level as markets react to news that the Federal Reserve will maintain their stimulus program into 2014."
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 3.02 percent, while the rate for a 5-1 adjustable-rate mortgage (ARM) is 2.75 percent.