The average for the 30-year FRM as of Tuesday afternoon is 3.4%, down from 3.46% at this same time last week. Zillow said this rate hovered between 3.42% and 3.47% for the majority of the week, dropping to the current level on Tuesday morning.
"After remaining steady for the past week, rates moved slightly lower yesterday after Italian election results renewed concerns about euro zone economic stability," said Erin Lantz, director of Zillow Mortgage Marketplace. "This coming week, rate movement will depend on sequester discussions in the U.S. and perceived political tensions in Italy and elsewhere in the European Union."
Zillow said the rate for a 15-year FRM is currently 2.64% (down one basis point from last week), while the rate for a 5/1 adjustable-rate mortgage is 2.27% (down five basis points).