30-Year Fixed Mortgage Rates Drop Slightly

Mortgage rates for 30-year fixed mortgages fell this week, with the current rate borrowers were quoted on Zillow Mortgages at 4.08 percent, down from 4.13 percent at this same time last week.

The 30-year fixed mortgage rate hovered around 4.13 percent for most of the week, falling to 4.04 percent on Monday before rising to the current rate.

“After holding steady for much of the week, rates dropped to three-week lows on Monday, driven down by political unrest in Hong Kong,” said Erin Lantz, vice president of mortgages at Zillow. “We expect rates to remain volatile this week as the European Central Bank will make an economic policy announcement on Thursday, and U.S. employment data will be released on Friday.”

Additionally, the 15-year fixed mortgage rate this morning was 3.18 percent, and for 5/1 ARMs, the rate was 2.95 percent.


Purchase Mortgage Application Activity

Zillow predicts tomorrow’s seasonally adjusted Mortgage Bankers Association Weekly Application Index will show purchase loan activity decreased by 5 percent from the week prior.

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(Source: ZillowBlog)

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