Mortgage rate update - May 17

Current mortgage rates for 30-year fixed mortgages decreased this week, with the current rate borrowers were quoted on Zillow at 3.40 percent, down 1 basis point from last week.

The 30-year fixed mortgage hovered around 3.41 percent before dipping to the current rate.

"Mortgage rates held near three-year lows last week as minimal incoming economic news provided little motive for rates to move decisively in either direction," said Erin Lantz, vice president of mortgages at Zillow. "This week markets are likely to focus on Wednesday's inflation data and Friday's Fed speeches."

Additionally, the 15-year fixed mortgage rate was 2.61 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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