Mortgage rate update - May 10

Current mortgage rates for 30-year fixed mortgages decreased this week, with the current rate borrowers were quoted on Zillow at 3.41 percent, down 3 basis points from last week.

The 30-year fixed mortgage fell throughout the week, dipping below 3.40 percent before rising to the current rate.

"Mortgage rates fell for the second week in a row and are now back near three-year lows due to the combination of investor fears after weak European financial sector earnings and a relatively weak jobs report last Friday," said Erin Lantz, vice president of mortgages at Zillow. "Several Fed speeches are likely to drive rates this week, although markets will also keep an eye on oil markets."

Additionally, the 15-year fixed mortgage rate was 2.66 percent, and for 5/1 ARMs, the rate was 2.67 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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