Mortgage rates for 30-year fixed mortgages fell this week, with the current rate borrowers were quoted on Zillow Mortgages at 3.82 percent, down from 3.90 percent at this same time last week.
The 30-year fixed mortgage rate hovered around 3.85 percent for most of the week before falling to the current rate.
"Rates remained flat for most of last week, but dipped slightly early Monday on news that Japan fell into a recession in Q3," said Erin Lantz, vice president of mortgages at Zillow. "Despite incoming inflation and home sales data, we do not expect rates to move dramatically this week."
Additionally, the 15-year fixed mortgage rate this morning was 2.99 percent, and for 5/1 ARMs, the rate was 2.82 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 4 percent from the week prior. To learn more about this Zillow analysis, click here.