Zillow Mortgages Reports 3 bps Drop in 30-Year Fixed Rate to 3.41%

The 30-year fixed mortgage rate on Zillow Mortgages is currently 3.41 percent, down 3 basis points from this time last week. The 30-year fixed mortgage fell throughout the week, dipping below 3.40 percent before rising to the current rate.

“Mortgage rates fell for the second week in a row and are now back near three-year lows due to the combination of investor fears after weak European financial sector earnings and a relatively weak jobs report last Friday,” said Erin Lantz, vice president of mortgages at Zillow. “Several Fed speeches are likely to drive rates this week, although markets will also keep an eye on oil markets.”

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 2.66 percent, while the rate for a 5-1 adjustable-rate mortgage (ARM) is 2.67 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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