Mortgage rates for 30-year fixed mortgages fell this week, with the current rate borrowers were quoted on Zillow Mortgages at 3.96 percent, down from 4.08 percent at this same time last week.
The 30-year fixed mortgage rate spiked to 4.30 percent on Wednesday, then hovered around 4.06 percent for most of the week before falling to the current rate.
"Mortgage rates inched up briefly last week on the heels of Friday's stronger than expected jobs report before falling sharply on Monday, hitting 11-week lows," said Erin Lantz, vice president of mortgages at Zillow. "This week, with limited U.S. economic data slated for release, we expect rate movement to remain muted."
Additionally, the 15-year fixed mortgage rate this morning was 3.07 percent, and for 5/1 ARMs, the rate was 2.83 percent.
Purchase Mortgage Application Activity
Zillow predicts tomorrow's seasonally adjusted Mortgage Bankers Association Weekly Application Index will show purchase loan activity to decrease by 1 percent from the week prior. To learn more about this Zillow analysis, click here.
What are the interest rates right now? Check Zillow Mortgages for mortgage rate trends and up-to-the-minute mortgage rates for your state.
*The weekly mortgage rate chart illustrates the average 30-year fixed interest rate in six-hour intervals.
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