Mortgage rate update - May 3

Current mortgage rates for 30-year fixed mortgages decreased this week, with the current rate borrowers were quoted on Zillow at 3.44 percent, down 5 basis points from last week.

The 30-year fixed mortgage fell early in the week, then hovered around 3.45 percent before dipping to the current rate.

"Mortgage rates fell after last Wednesday's Federal Open Market Committee statement, reversing their gains of the previous week," said Erin Lantz, vice president of mortgages at Zillow. "This week all eyes will be on Friday's jobs report and rates could shift if employment or wages miss expectations."

Additionally, the 15-year fixed mortgage rate was 2.66 percent, and for 5/1 ARMs, the rate was 2.70 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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