Fixed-Rate Mortgages Drop for the Second Consecutive Week

The 30-year fixed-rate mortgage (FRM) on the Zillow Mortgage Marketplace is currently at 4.20 percent, down five basis points from this time last week. The 30-year FRM peaked on Wednesday at 4.28 percent before falling to 4.20 percent over the weekend. "Last week mortgage rates dipped after Friday's job report which, while fairly strong, failed to meet the market's expectations," said Erin Lantz, vice president of mortgages at Zillow. "This week, we expect rates to remain about where they are now, and aren't anticipating any market-moving surprises with the release of the FOMC's minutes from the March meeting." 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 3.17 percent, while the rate for a 5-1 adjustable-rate mortgage (ARM) is 2.86 percent.