Mortgage rates for 30-year fixed loans fell this week, with the rate borrowers were quoted on Zillow Mortgages at 3.56 percent Tuesday, down 9 basis points from this time last week.
The 30-year fixed mortgage rate dropped last week, then rose to 3.69 percent Monday before falling Tuesday.
"Rates fell sharply last week after the Fed statement suggested that rates will remain lower for longer than expected," said Erin Lantz, vice president of mortgages at Zillow. "We expect mixed domestic data to drive some small market movements this week, but mortgage rates should remain unchanged."
Additionally, the 15-year fixed mortgage rate Tuesday morning was 2.81 percent. For 5/1 ARMs, the rate was 2.70 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.