The 30-year fixed mortgage rate on the Zillow Mortgage Marketplace is currently 4.25 percent, down two basis points from this time last week. The 30-year fixed mortgage rate peaked on Wednesday at 4.29 percent before falling to 4.20 percent, where rates hovered for the remainder of the week.
“Rates dropped last week, erasing most of the run-up triggered previously by the Fed’s surprisingly aggressive guidance on plans to increase the Federal Funds Rate,” said Erin Lantz, vice president of mortgages at Zillow. “We expect rates to remain fairly steady this week, not making any significant movements until after Friday’s jobs report.”
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 3.22 percent, while the rate for a 5-1 adjustable-rate mortgage (ARM) is 2.77 percent.