Mortgage Rates Ease Following Weak European Economic Data

Mortgage rates for 30-year fixed mortgages fell this week, with the current rate borrowers were quoted on Zillow Mortgages at 3.77 percent, down from 3.82 percent at this same time last week.

The 30-year fixed mortgage rate fell steadily last week before settling at the current rate.

"Rates eased last week on Europe's weak economic data and the unexpected rate cut from China's central bank," said Erin Lantz, vice president of mortgages at Zillow. "Looking ahead, with several important U.S. data reports scheduled for release, we expect modest volatility in this holiday-shortened week."

Additionally, the 15-year fixed mortgage rate this morning was 2.96 percent, and for 5/1 ARMs, the rate was 2.78 percent.