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The 30-year fixed-rate mortgage (FRM) on Zillow Mortgages is currently 3.75 percent, down one basis point from this time last week. The 30-year FRM hovered around 3.80 percent last week, peaking at 3.88 percent on Monday before returning to its current rate.
"Rates did not increase as expected last week considering the positive economic data releases and Friday's impressive employment report," said Erin Lantz, vice president of mortgages at Zillow. "With little incoming data or policy announcements scheduled for release this week, we expect rates to remain stable while markets look ahead toward next week's Federal Open Market Committee Meeting."
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 FRM on Zillow Mortgages currently sits at three percent, while the rate for a 5-1 adjustable-rate mortgage (ARM) sits at 2.84 percent.