Zillow: Fixed-Rates Drop to 3.55 Percent

The 30-year fixed-rate mortgage (FRM) on Zillow Mortgages is currently 3.55 percent, down seven basis points from this time last week. The 30-year FRM fell
throughout the week, reaching 3.47 percent on Sunday before returning to the current rate.

"Rates fell sharply around Friday's highly anticipated jobs report, which showed much weaker job creation and modestly higher wages than expected," said Erin Lantz, vice president of mortgages at Zillow. "Looking ahead we expect rates to be mostly flat, with reaction to last week's headlines and international news driving rate movement this week."

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.

The rate for a 15-year FRM is currently 2.79 percent, while the rate for a 5-1 adjustable-rate mortgage (ARM) stands at 2.67 percent.