Zillow Mortgage Rates Fall to 3.58%

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

By Lauren Braun

Mortgage rates for 30-year fixed mortgages fell this week, with the rate borrowers were quoted on Zillow Mortgages at 3.58 percent, down from 3.72 percent at this time last week.

The 30-year fixed mortgage rate rose early in the week, peaking at 4.03 percent on Friday before falling to the current rate.

"Rates fell dramatically last week primarily due to fears of slowing global growth, weak equity markets, falling oil prices and low market activity over the New Year's holiday," said 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 this week on international news."

Additionally, the 15-year fixed mortgage rate Tuesday morning was 2.88 percent. For 5/1 ARMs, the rate was 2.71 percent.

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

To check on the home loan you might be able to afford, try the mortgage payment and affordability calculators found here.

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