30-Year Fixed Mortgage Rates Drop for First Time in 6 Weeks

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Mortgage rates for 30-year fixed mortgages fell this week, with the current rate borrowers were quoted on Zillow Mortgage Marketplace at 3.88 percent, down from 3.93 percent at this same time last week.

The 30-year fixed mortgage rate hovered between 3.94 and 3.84 percent for the majority of the week, dropping to as low as 3.79 percent on Friday.

"Rates dipped this week after rising for six consecutive weeks on anticipation that the Fed may slow the pace of the quantitative easing stimulus program early," said Erin Lantz, director of Zillow Mortgage Marketplace.

"This coming week, rate movements will be guided by Wednesday's press conference to discuss the Federal Open Market Committee's latest meeting. If Chairman Ben Bernanke suggests the Fed is considering accelerating the wind-down of the stimulus program, we expect rates to continue to climb. If, instead, Bernanke expresses renewed concerns about the strength of the economic recovery and implies that a longer stimulus period is needed, then rates may retreat closer to levels we saw through the first four months of the year," Lantz said.

Additionally, the 15-year fixed mortgage rate this morning was 2.97 percent, and for 5/1 ARMs, the rate was 2.63 percent.


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