30-year fixed mortgage rate drops to lowest rate in 10 weeks

15-year fixed mortgage rate at 3.10 percent
Zillow
Feb 6, 2014

Mortgage rates for a 30-year fixed mortgage fell this week, with the current rate borrowers were quoted on Zillow Mortgage Marketplace at 4.09 percent, down from 4.18 percent at this same time last week.

The 30-year fixed mortgage rate steadily declined last week, dropping to as low as 4.07 percent on Monday before rising to the current rate Wednesday.

“Recent weakness in emerging markets helped push rates down last week to 10-week lows as investors turned toward more reliable assets like mortgage-backed securities,” said Erin Lantz, director of mortgages at Zillow. “If Friday’s jobs report is strong enough, it has the potential to pause a downward slide in rates and offset emerging market concerns.”

Additionally, the 15-year fixed mortgage rate this morning was 3.10 percent and for 5/1 ARMs, the rate was 2.72 percent.