Mortgage rates for 30-year fixed loans fell this week, with the rate borrowers were quoted on Zillow Mortgages at 3.70 percent, down 6 basis points from this time last week.
The 30-year fixed mortgage rate fell early in the week, then hovered around 3.66 percent before rising to the current rate on Tuesday morning.
"Rates dropped dramatically early last week after [Federal Reserve chairwoman] Janet Yellen suggested it was unlikely the Fed would raise rates before June," said Erin Lantz, vice president of mortgages at Zillow. "This week we expect rates to remain fairly steady, unless Friday's jobs report comes in stronger than expected."
Additionally, the 15-year fixed mortgage rate this morning was 2.88 percent. For 5/1 ARMs, the rate was 2.85 percent.
Check Zillow Mortgages for mortgage rate trends and up-to-the-minute mortgage rates for your state, or use the mortgage calculator to calculate monthly payments at the current rates.