The interest rate for a 30-year, fixed-rate mortgage remained unchanged last week, continuing a six-week trend of sub-4% interest rates, according to a new report from Zillow (Z).
Current rate borrowers were quoted an average interest rate of 3.9% on Zillow’s Mortgage Marketplace in the week that ended Tuesday, which equaled the previous week’s figure of 3.9%.
In the previous week, interest rates shot up to as high as 4.15% when the Federal Open Market Committee officially decided to conclude its more than two-year-old asset purchase program, but settled under 4%.
According to Zillow’s report, the 30-year fixed mortgage rate fell throughout the last seven days, before spiking to 4.02% on Tuesday. Subsequently, the interest rate settled back down its now customary sub-4% level.
“Last week, rates dipped after Friday’s weaker-than-expected jobs report,” said Erin Lantz, vice president of mortgages at Zillow. “This week, with limited economic data scheduled for release and the bond market closed for Veterans Day, we expect rate movement to remain fairly muted.”
Zillow also reported that the 15-year fixed mortgage rate was 3.04% last week. The rate for 5/1 adjustable rate mortgages was 2.88%, up slightly from last week’s figure of 2.7%.
The 15-year rate equaled last week’s figure of 3.04%, while the 5/1 adjustable rate was up slightly from 2.86% last week.