Zillow Mortgage Marketplace: Rates Dip Below 4% -- Briefly

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

By Alexa Fiander

Mortgage rates for 30-year fixed mortgages remained fairly stable this week, with the current rate borrowers were quoted on Zillow Mortgages at 4.06 percent, down from 4.08 percent at this same time last week. The 30-year fixed mortgage rate hovered around 4.08 percent for the majority of the week, falling to 3.97 percent on Friday before returning to the current rate.

"Mortgage rates dropped mid-week to their lowest level in two months on weak U.S. economic data and geopolitical concerns over the escalating tensions between Ukraine and Russia," said Erin Lantz, vice president of mortgages at Zillow. "This week, we expect rates to inch back up unless international turmoil continues to lead the news."

Additionally, the 15-year fixed mortgage rate this morning was 3.12 percent, and for 5/1 ARMs, the rate was 2.79 percent.

Purchase Mortgage Application Activity: Zillow predicts tomorrow's seasonally adjusted Mortgage Bankers Association Weekly Application Index will show purchase loan activity to increase by 2 percent 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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