The 30 year fixed mortgage rate on Zillow Mortgages dropped eight percentage points from this time last week, landing at 3.97 percent. The 30 year fixed mortgage rate hovered between 3.96 percent and 4.08 percent for the majority of the week, before settling at the current rate on Tuesday.
“Rates dropped below 4 percent on Thursday amid the uncertainty and turmoil following the MH17 flight disaster and ongoing military activity in the Middle East,” says Erin Lantz, vice president of mortgages at Zillow. “This week, despite a fair amount of domestic economic data slated for release, we expect events in the Middle East and Ukraine will continue to put a damper on rates.”
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.
The rate for a 15 year fixed home loan is currently 3.01 percent, while the rate fora 5-1 adjustable rate mortgage (ARM) is 2.77 percent.
For more information, visit http://www.zillow.com/mortgage-rates.