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30-Year Fixed Mortgage Rate Hits New Record Low

Date:August 31, 2010 | Author:Lauren Riefflin | Category:Mortgages

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 4.29 percent at this same time last week. This rate represents the lowest rate recorded since Zillow Mortgage Marketplace launched in April 2008.

The 30-year fixed mortgage rate hovered near 4.27 percent for the majority of the week, then it jumped to 4.31 percent on Monday, followed by a sharp fall to the current rate.

Additionally, the 15-year fixed mortgage rate on Tuesday morning was 3.82 percent and for 5/1 ARMs, the rate was 3.29 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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Responses (4)

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John Clark 2:34 PM - Aug 31,2010

These rates are fantastic, and should do a lot to stimulate buyers to act now. With the recession recovery unsure, but some low home values out there, these rates are the best reason to buy a home since the tax credits. And there are plenty of places to find discounted real estate, whether it’s distressed properties, foreclosures or just flagging markets. A lot of people I know who bought in the past year are looking into refinancing already.
Homes In Pasadena 3:15 PM - Aug 31,2010

This is an excellent time for home buyers to find great properties and lock in an outstanding interest rate. The issue now however, is the job market.

This is what I believe is keeping so many people from purchasing a home. With so many examples of people losing their homes, would-be buyers don’t want the same to happen to them, understandably.

I think we need to work at educating people on all the aspects of buying a home and help them to understand all the financial factors.

Now is a great opportunity to make your dream of owning your own home come true!
DebtFree 9:55 AM - Sep 1,2010

I think we need to work at educating sellers on all the aspects of selling a home and help them to understand all the financial factors as home prices continue their decline, and unemployment remains at record highs.

Simply lowering the price can make their dream of selling their own home come true!
Austin TX Homes 10:03 AM - Sep 1,2010

Just when you thought they where on the rise… Investors and owner occupants have great opportunities right now to get into homes with these incredibly low rates.