Mortgage rates for 30-year fixed mortgages fell this week, with the current rate borrowers were quoted on Zillow Mortgage Marketplace at 4.23 percent, down from 4.39 percent at this same time last week.
Last week, the 30-year fixed mortgage rate hovered near 4.39 percent for the majority of the week before plummeting to 4.29 percent on Friday. Rates continued to fall over the weekend and early this week.
"Rates dipped after Friday's jobs report revealed employment below expectations by a wide margin. Although disappointing, the jobs report on its own is unlikely to offset the overall upward trend in rates," said Erin Lantz, director of mortgages at Zillow. "This week, we expect rates to remain fairly stable as markets await additional data that might reinforce or contradict the relatively subdued economic tone set by the jobs report."
Additionally, the 15-year fixed mortgage rate this morning was 3.20 percent, and for 5/1 ARMs, the rate was 2.83 percent.
What are the interest rates right now? Check Zillow Mortgage Marketplace for mortgage rate trends and up-to-the-minute mortgage rates for your state.
Source: Zillow - By Alexa Fiander January 14, 2014 2:29 PM