Mortgage rates for 30-year fixed mortgages fell last week, with the current rate borrowers were quoted on Zillow Mortgage Marketplace at 4.20 percent, down from 4.25 percent at this same time last week.
The 30-year fixed mortgage rate peaked on Wednesday at 4.28 percent before falling to 4.20 percent over the weekend.
“Last week mortgage rates dipped after Friday’s job report which, while fairly strong, failed to meet the market’s expectations,” said Erin Lantz, vice president of mortgages at Zillow. “This week, we expect rates to remain about where they are now, and aren’t anticipating any market-moving surprises with the release of the FOMC’s (Federal Open Market Committee) minutes from the March meeting.”
Additionally, the 15-year fixed mortgage rate this morning was 3.17 percent and for 5/1 ARMs, the rate was 2.86 percent.