Zillow: Fixed-Rates Dip Back Down to Record Lows

30-Year Fixed Mortgage Rates Dip to New 20-Month Low; Current
      Rate is 3.56%, According to Zillow Mortgage Rate Ticker

The 30-year fixed-rate mortgage (FRM) on Zillow Mortgages is currently 3.56 percent, down two basis points from this time last week. The 30-year FRM hovered between 3.53 and 3.77 percent for most of the week, dropping to 3.46 percent on Friday before returning to the current rate.

"Rates edged down late last week, hitting new 20-month lows before inching up slightly on Monday," said Erin Lantz, vice president of mortgages at Zillow. "International economic turmoil continues to drive markets, but we expect rates to remain fairly flat leading up to Friday's employment report."

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 is currently 2.90 percent, and the rate for a 5-1 adjustable-rate mortgage (ARM) is also 2.90 percent.