Zillow: Mortgage Rates Hit Three-Month Low

The 30-year fixed mortgage rate on Zillow Mortgage Marketplace is currently 4.08 percent, down eight basis points from this time last week. The 30-year fixed mortgage rate fell early last week, dropping to as low as 4.06 percent on Thursday before rising slightly to the current rate this morning. “Rates fell to three month lows last week as escalating events in Ukraine overshadowed a strong jobs report,” said Erin Lantz, vice president of mortgages at Zillow. “This week, we expect rates to remain depressed by the ongoing standoff between Ukraine and Russia and the lack of significant domestic economic data.” 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 3.10 percent, while the rate for a 5-1 adjustable-rate mortgage (ARM) is 2.78 percent.