Zillow Indicates 30-Year Rates Down Around Eight Basis Points

The 30-year fixed mortgage rate on Zillow Mortgages is currently 3.97 percent, down eight basis points from this time last week. The 30-year fixed mortgage rate hovered between 3.96 and 4.08 percent for the majority of the week, before settling at the current rate on Tuesday. “Rates dropped below four percent on Thursday amid the uncertainty and turmoil following the MH17 flight disaster and ongoing military activity in the Middle East,” said Erin Lantz, vice president of mortgages at Zillow. “This week, despite a fair amount of domestic economic data slated for release, we expect events in the Middle East and Ukraine will continue to put a damper on rates.” Zillow’s real-time mortgage rates are based on thousands of custom mortgage quotes submitted daily to anonymous borrowers on the Zillow Mortgages site, and reflect the most recent changes in the market. The rate for a 15-year fixed home loan is currently 3.01 percent, while the rate for a 5-1 adjustable-rate mortgage (ARM) is 2.77 percent.