The average rate on a 30-year fixed mortgage fell for the first time in five weeks to reach 4.37% this week, a drop of 15 basis points from the week prior when the average was 4.52%, according to Zillow.
The average rate for a 15-year fixed home loan is currently 3.34%, while the average rate for a 5-1 adjustable-rate mortgage is 3.12%.
‘Mortgage rates retreated late last week on a significant drop in new homes sales and weaker-than-expected manufacturing data,’ says Erin Lantz, director of Zillow Mortgage Marketplace, in a press release. ‘This week, if scheduled economic reports reveal additional downbeat economic data, rates could drift even lower heading into the Labor Day weekend.’
To view the average current rates for 30-year fixed mortgages by state, click here.