Mortgage Rates Dip to 3.88%, Fluctuating With Greek Crisis

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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 loans fell this week, with the current rate borrowers were quoted on Zillow Mortgages at 3.88 percent, down 5 basis points from the same time last week.

The 30-year fixed mortgage rate rose to 3.97 percent on Wednesday and hovered there throughout the holiday weekend, then fell to the current rate early this week.

"Mortgage rates jumped last Wednesday after Greece defaulted on its international debts, then fell early this week due to continued Greek instability, turmoil in Chinese stock markets, and unexpectedly strong global oil supplies," said Erin Lantz, vice president of mortgages at Zillow. "Uncertainty over Greece's future will continue to dominate headlines this week, but economic news elsewhere suggests interest rates will remain lower for longer."

Additionally, the 15-year fixed mortgage rate was 3.00 percent. For 5/1 ARMs, the rate was 2.88 percent.

Check Zillow Mortgages for trends and up-to-the-minute rates for your state, or use the mortgage calculator to calculate monthly payments at the current rates.

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