Zillow: Fixed-Rates Drop Down to Near Four Percent
The 30-year fixed mortgage rate on Zillow Mortgages is currently 4.04 percent, up seven basis points from this time last week. The 30-year fixed mortgage rate steadily rose last week, peaking at 4.17 percent on Monday before easing back down to the current rate on Tuesday. "Last week, mortgage rates regained some upward momentum after anxiety triggered by tension in the Middle East and the MH-17 flight disaster subsided," said Erin Lantz, vice president of mortgages at Zillow. "This coming week, we expect rates to remain stable unless Wednesday's Federal Open Market Committee's announcement or Friday's jobs report reveals unexpected news." 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. These are not marketing rates, or a weekly survey. The rate for a 15-year fixed home loan is currently 3.05 percent, while the rate for a 5-1 adjustable-rate mortgage (ARM) is 2.83 percent.