Weekly mortgage rate update

Current mortgage rates for 30-year fixed mortgages fell this week, with the current rate borrowers were quoted on Zillow at 3.54 percent, down 1 basis point from last week.

The 30-year fixed mortgage fell to 3.48 percent on Thursday and hovered there before returning to the current rate on Monday.

"Mortgage rates fell last week after the Federal Open Market Committee lowered its expectations for interest rates over the next year," said Erin Lantz, vice president of mortgages at Zillow. "With little data scheduled for release this week, markets will focus on Fed speeches for more insight into the FOMC's read on the strength of the economy."

Additionally, the 15-year fixed mortgage rate was 2.71 percent, and for 5/1 ARMs, the rate was 2.84 percent.

Check Zillow 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.

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

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