Mortgage rates for 30-year fixed mortgages fell this week, with the current rate borrowers were quoted on Zillow Mortgage Marketplace at 3.71 percent, down from 3.73 percent at this same time last week.
This represents the lowest rate reported since Zillow Mortgage Marketplace launched in April 2008. The previous low was 3.73 percent, first reported last week on Jan. 3, 2012. The 30-year fixed mortgage rate hovered between 3.7 and 3.74 percent for the majority of the week, dropping to 3.67 percent on Monday before rising to the current rate this morning.
“So far 2012 has brought us lower mortgage rates than most ever thought were possible, and we’re likely going to remain close to these record low levels for the near-term,” said Erin Lantz, director of Zillow Mortgage Marketplace. “Look for rates to stay in this historically low range and possibly drop further if new concerns emerge around the European debt crisis.”
Additionally, the 15-year fixed mortgage rate this morning was 3.03 percent and for 5/1 ARMs, the rate was 2.59 percent.
What are the rates right now? Check Zillow Mortgage Marketplace for up-to-the-minute mortgage rates for your state.
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