30-Year Fixed Mortgage Rates Hover Near 4 Percent, for Second Week in a Row

The 30-year fixed mortgage rate on Zillow Mortgage Marketplace is currently 4.01 percent, up two basis points from this time last week, the company reports. The 30-year fixed mortgage rate declined early last week, dropping to as low as 3.92 percent on Wednesday before rising to the current rate over the weekend.

“Rates hovered near twelve-months lows, remaining below four percent for most of last week due to the markets’ anticipation of the European Central Bank’s decision to ease monetary policy to stimulate growth,” said Erin Lantz, vice president of mortgages at Zillow. “This week, we expect rates to drift upward if the ECB’s plans suggest a more worrisome picture of the European economy, or if the U.S. employment report reveals unexpectedly strong jobs growth when it is released on Friday.”

Zillow’s real-time mortgage rates are based on thousands of custom mortgage quotes submitted daily to anonymous borrowers on the Zillow Mortgage Marketplace 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 3.01 percent, while the rate for a 5-1 adjustable-rate mortgage (ARM) is 2.76 percent.