Mortgage rate update - April 5

Current mortgage rates for 30-year fixed mortgages fell this week, with the current rate borrowers were quoted on Zillow at 3.40 percent, down 13 basis points from last week.

The 30-year fixed mortgage fell early in the week then hovered around 3.41 percent before dipping to the current rate.

"Mortgage rates fell last week to their lowest levels since February after Fed Chair Janet Yellen suggested a more dovish stance on future rate hikes," said Erin Lantz, vice president of mortgages at Zillow. "We expect less movement in rates this week, although some volatility could follow the release of minutes from the March Federal Open Market Committee meeting on Wednesday."

Additionally, the 15-year fixed mortgage rate was 2.63 percent, and for 5/1 ARMs, the rate was 2.64 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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