The 30-year fixed-rate mortgage (FRM) on the Zillow Mortgage Marketplace is currently 3.95 percent, down three basis points from 3.98 percent at this time last week. The 30-year fixed mortgage rates hovered between 3.96 and four percent for the majority of the week before dropping to the current rate this morning.
"Last Tuesday's underwhelming jobs report pushed mortgage rates below four percent for the first time in four months," said Erin Lantz, director of mortgages at Zillow. "In the week ahead, we expect rates likely will stay depressed as markets digest modestly improving economic data and the lingering impact of the government shutdown."
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 three percent, while the rate for a 5-1 adjustable-rate mortgage (ARM) is 2.70 percent.