Mortgage Rates Have Dropped

Mortgage rates on Zillow Mortgage Marketplace have dipped in the past few weeks to an average low of 6.21% for a 30-year fixed mortgage. The current average rate for a 15-year fixed mortgage is even lower at 5.80%, while the rate for a 5/1 adjustable rate mortgage is 5.69%.  Compared to the middle of last month, when the rate for a 30-year fixed was around 6.41%, this lower rate means a savings of $31 each month, or $375 each year, in monthly payments on a mortgage of $240,000.*

For active home buyers or those who want to refinance their adjustable rate mortgage, this might be a great time to lock in a rate.  Anyone can request free, anonymous mortgage quotes from thousands of lenders on Zillow Mortgage Marketplace:

• Anonymous — you call them, they don’t call you
• Unlimited, custom quotes
• Thousands of lenders

*Assumptions:  30-year fixed mortgage of $240,000 with 20% down payment and credit score of 680 or higher.

Note: Rate information is current at time of publication. Rates can and do change frequently.