Mortgage rates for 30-year fixed mortgages fell last week, with the current rate borrowers were quoted on Zillow at 3.43 percent, down 7 basis points.
“Mortgage rates fell last week to their lowest levels since May 2013 due to continuing financial market turmoil, concern about oil prices and shifting central bank policies overseas,” said Erin Lantz, vice president of mortgages at Zillow. “Financial market developments should continue to dominate headlines this week, as well as expected congressional testimony by Fed Chair Janet Yellen. Rates could move lower if her comments are more dovish than expected.”
Additionally, the 15 year fixed mortgage rate was 2.66 percent, and for 5/1 ARMs, the rate was 2.59 percent.