30-Year Fixed Mortgage Rate Down Slightly, Hovers Below 4 Percent for Sixth Consecutive Week

Mortgage rates for 30-year fixed mortgages fell this week, with the current rate borrowers were quoted on Zillow Mortgage Marketplace at 3.83 percent, down from 3.86 percent at this same time last week.

After rising to 3.9 percent last Wednesday, the 30-year fixed mortgage rate dropped to 3.84 percent only to return to 3.89 percent two days later. Rates remained between 3.85 and 3.8 percent for the rest of the week.

“Mortgage rates have hovered in a very narrow band between 3.8 and 3.9 percent during the past week,” said Erin Lantz, Director of Zillow Mortgage Marketplace. “Looking ahead, we can expect rates to remain steady in the coming weeks as European Union negotiations continue and rumors persist about the Federal Reserve announcing additional economic stimulus in the first quarter of 2012.”

Additionally, the 15-year fixed mortgage rate this morning was 3.19 percent and for 5/1 ARMs, the rate was 2.71 percent.

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