Zillow: Mortgage rates fall below 4%

30-year, fixed mortgage rate fell throughout last week

The interest rate for a 30-year, fixed-rate mortgage fell below 4% last week, according to a new report from Zillow (Z). Current rate borrowers were quoted an average interest rate of 3.96% on Zillow’s Mortgage Marketplace in the week that ended Tuesday, down from 4.08% in the previous week.

According to Zillow’s report, the 30-year fixed mortgage rate jumped to 4.3% last Wednesday, then dropped to roughly 4.06% for most of the week before falling to the current rate.

“Mortgage rates inched up briefly last week on the heels of Friday’s stronger-than-expected jobs report before falling sharply on Monday, hitting 11-week lows,” said Erin Lantz, vice president of mortgages at Zillow. “This week, with limited U.S. economic data slated for release, we expect rate movement to remain muted.”

Zillow also reported that the 15-year fixed mortgage rate was 3.07% as of Tuesday, and the rate for 5/1 adjustable rate mortgages was 2.83%.

Those numbers are also down from last week’s Primary Mortgage Market Survey from Freddie Mac.

In that report, Freddie Mac noted that the 30-year, fixed rate mortgage averaged 4.19% for the week ended Oct. 2, a drop from last week’s 4.20%, and down from 4.22% a year ago.

Additionally, Freddie reported that the 15-year, fixed-rate mortgage stayed frozen at 3.36%. In 2013, the 15-year, fixed-rate mortgage averaged 3.29%.

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