Mortgage rates for 30-year fixed mortgages fell this week, with the current rate borrowers were quoted on Zillow Mortgages at 3.75 percent, down 8 basis points from the same time last week.
The 30-year fixed mortgage rate dropped Friday, then hovered around the current rate for the rest of the week.
“Mortgage rates plummeted last Friday to their lowest level since May after U.S. data showed very weak wage growth in Q2,” said Erin Lantz, vice president of mortgages at Zillow. “Looking ahead, since wage growth will be an important consideration in future interest rate hikes, markets will look to this Friday’s jobs report for hints about wage trends.”
Additionally, the 15-year fixed mortgage rate was 2.92 percent, and for 5/1 ARMs, the rate was 2.72 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.
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