Zillow: 30-Year Fixed Mortgage Rates Drop 15 Basis Points

Zillow Mortgage Marketplace said the 30-year fixed mortgage rate fell 15 basis points from a week earlier and is currently 4.26%.

Over the course of the last week, the Seattle-based analytic firm said the 30-year fixed mortgage rate fluctuated between 4.38% and 4.45% early in the week. Then, the rate peaked at 4.48% last Thursday before declining to its current rate.

“Last week, rates retreated from multiyear highs as Federal Reserve chairman Ben Bernanke soothed concerns the Fed would scale back its stimulus program prematurely,” said Erin Lantz, director of Zillow Mortgage Marketplace. “This week, markets will focus on Bernanke’s congressional testimony on Wednesday and Thursday for signs the Fed is feeling more or less confident on the current state of the economy.”

Zillow’s mortgage rates are based on thousands of custom mortgage quotes submitted daily to anonymous borrowers on the Mortgage Marketplace website.

Additionally, Zillow reports that the rate for a 15-year fixed home loan is currently 3.29%, while the rate for a 5/1 adjustable-rate mortgage is 3.24%.