Mortgage Rates Plunge to 3.75%, Lowest Level Since May
By Lauren Braun
Mortgage rates for 30-year fixed loans fell this week, with the rate borrowers were quoted on Zillow Mortgages at 3.75 percent, down 8 basis points from the same time last week.
The 30-year fixed mortgage rate dropped Friday, then hovered around the current rate for the rest of the week.
“Mortgage rates plummeted last Friday to their lowest level since May after U.S. data showed very weak wage growth in [the second quarter],” said Erin Lantz, vice president of mortgages at Zillow. “Looking ahead, since wage growth will be an important consideration in future interest rate hikes, markets will look to this Friday’s jobs report for hints about wage trends.”
Additionally, the 15-year fixed mortgage rate was 2.92 percent. For 5/1 ARMs, the rate was 2.72 percent.
Check Zillow Mortgages for rate trends and up-to-the-minute rates for your state, or use the mortgage calculator to calculate monthly payments at the current rates.