Mortgage Rates Drop Again to 3.56%, Still Near 20-Month Lows

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Mortgage rates for 30-year fixed loans dropped this week, with the rate borrowers were quoted on Zillow Mortgages at 3.56 percent Tuesday, down 2 basis points from the same time last week.

The 30-year fixed mortgage rate hovered between 3.53 percent and 3.77 percent for most of the week, dropping to 3.46 percent on Friday before returning to the current rate.

“Rates edged down late last week, hitting new 20-month lows before inching up slightly on Monday,” said Erin Lantz, vice president of mortgages at Zillow. “International economic turmoil continues to drive markets, but we expect rates to remain fairly flat leading up to Friday’s employment report.”

Additionally, the 15-year fixed mortgage rate Tuesday morning was 2.90 percent, as was the rate for 5/1 ARMs.

Check Zillow Mortgages for mortgage rate trends and up-to-the-minute mortgage rates for your state, and use our mortgage calculator to calculate monthly payments at the current rates.

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Read More – Blogged by Janet Hull and Thomas Bush: http://realestate.aol.com/blog/2015/02/04/mortgage-rates-drop-lower-again-3.56-percent/

      

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