Zillow Mortgages Reports 13 bps W/W Drop in 30-Year Fixed Rate to 3.40%

The 30-year fixed mortgage rate on Zillow® Mortgages is currently 3.40 percent, down 13 basis points from this time last week. The 30-year fixed mortgage fell early in the week then hovered around 3.41 percent before dipping to the current rate.

“Mortgage rates fell last week to their lowest levels since February after Fed Chair Janet Yellen suggested a more dovish stance on future rate hikes,” said Erin Lantz, vice president of mortgages at Zillow. “We expect less movement in rates this week, although some volatility could follow the release of minutes from the March Federal Open Market Committee meeting on Wednesday.”

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 2.63 percent, while the rate for a 5-1 adjustable-rate mortgage (ARM) is 2.64 percent.

Below are current rates for 30-year fixed mortgages by state. Additional states’ rates are available at: http://www.zillow.com/mortgage-rates.

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