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The 30-year fixed mortgage rate on Zillow Mortgages is currently 3.58 percent, down 14 basis points from this time last week. The 30-year fixed mortgage rate rose early in the week, peaking at 4.03 percent on Friday before falling to the current rate.
"Rates fell dramatically last week primarily due to fears of slowing global growth, weak equity markets, falling oil prices and low market activity over the New Year's holiday," said Erin Lantz, vice president of mortgages at Zillow. "Given the recent history of markets largely overlooking strong U.S. data, we expect rates to remain flat or fall slightly this week on international 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 2.88 percent, while the rate for a 5-1 adjustable-rate mortgage (ARM) is 2.71 percent.