Zillow: Fixed-Rates Stand at 3.72 Percent to End 2014

The 30-year fixed-rate mortgage (FRM) on Zillow Mortgages currently stands at 3.72 percent, down one basis point from this time last week. The 30-year FRM hovered between 4.01 percent and 3.75 percent for most of the week before settling at the current rate.

“Rates were volatile last week, primarily driven by low participation during the holiday-shortened week,” said Erin Lantz, vice president of mortgages at Zillow. “Aside from Monday’s sharp decline in rates due to bad news out of Greece, we expect continued volatility this week due to limited activity as lenders and consumers focus on the New Year’s holiday.”

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 2.98 percent, while the rate for a 5-1 adjustable-rate mortgage (ARM) is 2.83 percent.