Zillow: Economic Indicators Drop Mortgage Rates

The 30-year fixed-rate mortgage (FRM) on Zillow Mortgages is currently at 3.65 percent, down eight basis points from this time last week. The 30-year FRM dropped Wednesday, then hovered around 3.69 percent before falling to its current rate on Tuesday.

“Rates fell early last week as the European Central Bank officially launched its bond purchase program, and remained low due to weak U.S. data released later in the week,” said Erin Lantz, vice president of mortgages at Zillow. “This week, we expect rate volatility leading up to Wednesday’s Federal Open Market Committee statement and Fed Chair Janet Yellen’s press conference.”  

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 2.87 percent, while the rate for a 5-1 adjustable-rate mortgage (ARM) is 2.75 percent.