Zillow Mortgages: 30-Year Fixed Rates Lowest in 16 Months

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Zillow*The weekly mortgage rate chart illustrates the average 30-year fixed interest in six-hour intervals.
By Lauren Braun

Mortgage rates for 30-year fixed mortgages fell this week, with the current rate borrowers were quoted on Zillow Mortgages at 3.81 percent, down from 3.96 percent at this same time last week.

The 30-year fixed mortgage rate dropped Wednesday, then hovered around 3.88 percent for most of the week before falling to the current rate.

"Rates dropped to the lowest level since June 2013 on news that the Federal Reserve has more reservations about the health of the U.S. and global economy than expected, which in turn, may delay rate hikes," said Erin Lantz, vice president of mortgages at Zillow. "With little economic news planned to overshadow the Fed's latest comments, this week we expect rates to fairly remain stable, hovering just shy of 4 percent."

Additionally, the 15-year fixed mortgage rate this morning was 2.96 percent, and for 5/1 ARMs, the rate was 2.70 percent.

Purchase Mortgage Application Activity

Zillow predicts tomorrow's seasonally adjusted Mortgage Bankers Association Weekly Application Index will show purchase loan activity was unchanged from the week prior. To learn more about this Zillow analysis, click here.

What are the interest rates right now? Check Zillow Mortgages for mortgage rate trends and up-to-the-minute mortgage rates for your state.

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