The 30-year fixed mortgage rate on Zillow(R) Mortgages is currently 3.58 percent, down fourteen basis points from Jan. 8 to Jan. 1. The 30-year fixed mortgage rate rose early last week, peaking at 4.03 percent on Friday before falling to the current rate.
“Rates fell dramatically the last week of December primarily due to fears of slowing global growth, weak equity markets, falling oil prices and low market activity over the New Year’s holiday,” says Erin Lantz, vice president of mortgages at Zillow. “Given the recent history of markets largely overlooking strong U.S. data, we expect rates to remain flat or fall slightly the week of Jan. 5 on international news.”
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.
From the original publication of this article on Jan. 7th, the rate for a 15-year fixed home loan was 2.88 percent, while the rate for a 5-1 adjustable-rate mortgage (ARM) was 2.71 percent.
For more information, visit http://www.zillow.com/mortgage-rates.
