The interest rate for a 30-year, fixed-rate mortgage fell last week, continuing a now seven-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 3.82% on Zillow’s Mortgage Marketplace in the week that ended Tuesday, down from last week’s figure of 3.9%.
According to Zillow’s report, the 30-year fixed mortgage remained around 3.85% throughout the last seven days, before falling back down on Tuesday to its now customary sub-4% level.
“Rates remained flat for most of last week, but dipped slightly early Monday on news that Japan fell into a recession in Q3,” said Erin Lantz, vice president of mortgages at Zillow. “Despite incoming inflation and home sales data, we do not expect rates to move dramatically this week.”
Zillow also reported that the 15-year fixed mortgage rate fell below 3% last week, falling to 2.99% from 3.04%.
The rate for 5/1 adjustable rate mortgages was 2.82%, down slightly from last week’s figure of 2.86%.