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Zillow: 30-year FRMs drop for second week in a row

User survey finds gradual drop over two weeks

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Mortgage rates for 30-year, fixed-rate mortgages dropped for the second week in a row, according to Zillow (Z).

Borrowers were quoted on Zillow Mortgage Marketplace at 4.2%, down from 4.25% at this same time last week.

The 30-year, FRM rate peaked on Wednesday at 4.28% before falling to 4.2% over the weekend.

“Last week mortgage rates dipped after Friday’s job report which, while fairly strong, failed to meet the market’s expectations,” said Erin Lantz, vice president of mortgages at Zillow. “This week, we expect rates to remain about where they are now, and aren’t anticipating any market-moving surprises with the release of the Federal Open Market Committee minutes from the March meeting.”

The 15-year, FRM Tuesday morning was 3.17% and for 5/1 ARMs, the rate was 2.86%.

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