30-Year Fixed Mortgage Rates Fall for First Time in Five Weeks

Mortgage rates for 30-year fixed mortgages fell this week, with the current rate borrowers were quoted on Zillow Mortgage Marketplace at 4.37 percent, down from 4.52 percent at this same time last week.

The 30-year fixed mortgage rate hovered between 4.56 and 4.48 percent for the majority of the week before steadily declining near the current rate during the weekend.

“Mortgage rates retreated late last week on a significant drop in new home sales and weaker-than-expected manufacturing data,” said Erin Lantz, director of Zillow Mortgage Marketplace. “This week, if scheduled economic reports reveal additional downbeat economic data, rates could drift even lower heading into the Labor Day weekend.”

Additionally, the 15-year fixed mortgage rate this morning was 3.34 percent and for 5/1 ARMs, the rate was 3.12 percent.

What are the rates right now? Check Zillow Mortgage Marketplace for up-to-the-minute mortgage rates for your state.

*The weekly rate chart illustrates the average 30-year fixed interest in six-hour intervals.

via Zillow Blog - Real Estate Market Stats, Celebrity Real Estate, and Zillow News http://feedproxy.google.com/~r/ZillowBlog/~3/ePp8RxqZU4k/,www.greaterftmyershomes.com