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Mortgage rates for 30-year fixed mortgages fell this week, with the current rate borrowers were quoted on Zillow Mortgages at 3.70 percent, down 6 basis points from this time last week.

The 30-year fixed mortgage rate fell early in the week, then hovered around 3.66 percent before rising to the current rate on Tuesday.

“Rates dropped dramatically early last week after Fed Chair Janet Yellen suggested it was unlikely the Fed would raise rates before June,” said Erin Lantz, vice president of mortgages at Zillow. “This week we expect rates to remain fairly steady, unless Friday’s jobs report comes in stronger than expected.”

Additionally, the 15-year fixed mortgage rate this morning was 2.88 percent, and for 5/1 ARMs, the rate was 2.85 percent.

Check Zillow Mortgages 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.

About the Author

Lauren writes about housing trends for the Zillow Blog.

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