The current average 30-year fixed mortgage rate fell 1 basis point from 3.94% to 3.93% on Thursday, Zillow announced.

The 30-year fixed mortgage rate on January 5, 2017 is down 9 basis points from the previous week’s average rate of 4.02%.

Additionally, the current national average 15-year fixed mortgage rate decreased 2 basis points from 3.14% to 3.12%. The current national average 5/1 ARM rate is down 1 basis point from 3.10% to 3.09%.

Source: Zillow