30-Year Fixed Mortgage Rate Continues to Slide For Second Consecutive Week

Mortgage rates for 30-year fixed mortgages fell this week, with the current rate borrowers were quoted on Zillow Mortgage Marketplace at 3.81 percent, down from 3.88 percent at this same time last week.

The 30-year fixed mortgage rate hovered between 3.8 and 3.85 percent for the majority of the week before dropping to the current rate this morning.

“Despite some late-week volatility instigated by Federal Reserve Chairman Ben Bernanke’s comments around persistent unemployment, and weak demand for a five-year Treasury note auction, mortgage rates ended essentially flat for the week, said Erin Lantz, director of Zillow Mortgage Marketplace.

“Looking ahead, unless the Bureau of Labor Statistics’ jobs report significantly exceeds expectations, we expect rates to remain relatively unchanged this coming week as weak economic news out of Europe continues to overshadow moderate improvements in the U.S. economy,” added Lantz.

Additionally, the 15-year fixed mortgage rate this morning was 3.04 percent and for 5/1 ARMs, the rate was 2.57 percent.

What are the rates right now? Check Zillow Mortgage Marketplace for up-to-the-minute mortgage rates for your state.

*The weekly rate chart illustrates the average 30-year fixed interest in six-hour intervals.