Mortgage rates for 30-year fixed mortgages fell this week, with the current rate borrowers were quoted on Zillow Mortgage Marketplace at 4.26 percent, down from 4.41 percent at this same time last week.
The 30-year fixed mortgage rate hovered between 4.38 and 4.45 percent early last week, peaking at 4.48 percent last Thursday before declining near the current rate early this week.
"Last week, rates retreated from multi-year 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."
Additionally, the 15-year fixed mortgage rate this morning was 3.29 percent, and for 5/1 ARMs, the rate was 3.24 percent.