30-Year Fixed Mortgage Rate Falls Further
The 30-year fixed mortgage rate on Zillow® Mortgages is currently 3.82 percent, down eight basis points from this time last week. The 30-year fixed mortgage hovered around 3.85 percent for most of the week before falling to the current rate.
"Rates remained flat for most of last week, but dipped slightly early Monday on news that Japan fell into a recession in Q3," says Erin Lantz, vice president of mortgages at Zillow. "Despite incoming inflation and home sales data, we do not expect rates to move dramatically 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. These are not marketing rates, or a weekly survey.
The rate for a 15-year fixed home loan is currently 2.99 percent, while the rate for a 5-1 adjustable-rate mortgage (ARM) is 2.82 percent.
For more information, visit http://www.zillow.com/mortgage-rates.