Fixed-Rates Continue to Drop, Hit 4.18 Percent for the Week

The 30-year fixed-rate mortgage (FRM) on the Zillow Mortgage Marketplace is currently 4.18 percent, down five basis points from 4.23 percent at this time last week. The 30-year fixed mortgage rate remained stable for the majority of the week, peaking on Wednesday at 4.26 before dropping to the current rate over the weekend. “Last week, rates dipped abruptly after China’s lackluster manufacturing report triggered concerns about the health of the global economy,” said Erin Lantz, director of mortgages at Zillow. “This week, markets will look to Wednesday’s Fed announcement about unwinding its stimulus program and Thursday’s GDP numbers as indicators of whether the US economy can continue to improve. Mortgage rates could be affected by either or both." 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 3.18 percent, while the rate for a 5-1 adjustable-rate mortgage (ARM) is 2.80 percent.