Mortgage rates for 30-year fixed mortgages fell this week, with the current rate borrowers were quoted on Zillow Mortgage Marketplace at 3.42 percent, down from 3.44 percent at this same time last week.
After peaking at 3.47 percent on Wednesday, the 30-year fixed mortgage rate dropped and hovered between 3.38 and 3.41 percent over the weekend, rising to the current rate this morning.
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“Mortgage rates held steady last week on limited economic news or market moving events,” said Erin Lantz, director of Zillow Mortgage Marketplace. “Looking ahead, although today will be a busy day in terms of both European and U.S. economic data releases, we don’t expect this data will change investor sentiment. So, for the coming week, we expect rates to remain in the sideways pattern they’ve been holding for most of the summer.”
Additionally, the 15-year fixed mortgage rate this morning was 2.76 percent, and for 5/1 ARMs, the rate was 2.4 percent.