Rates on 30-Year Mortgages Dip Below Four Percent

The 30-year fixed mortgage rate on Zillow Mortgage Marketplace is currently 3.99 percent, down six basis points from this time last week. The 30-year fixed mortgage rate steadily declined last week, dropping to as low as 3.98 percent on Sunday before rising slightly to the current rate Tuesday morning. “Rates continued to drift lower last week, falling below the four percent threshold for the first time in months,” said Erin Lantz, vice president of mortgages at Zillow. “In this holiday shortened week, we expect rates will remain fairly stable unless economic data or Federal Reserve speakers surprise markets with meaningful insights into the health of the U.S. economy.” 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 2.98 percent, while the rate for a 5-1 adjustable-rate mortgage (ARM) is 2.71 percent.