30-Year Fixed Mortgage Rate Hits Record Low
Mortgage rates for 30-year fixed mortgages fell this week, with the current rate borrowers were quoted on Zillow Mortgage Marketplace at 3.65 percent, down from 3.69 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 3.66 percent, first reported on Feb. 7. The 30-year fixed mortgage rate hovered between 3.69 and 3.63 percent for the majority of the week, dropping to the current rate this morning.
“Rates slumped today as new concerns emerge about Europe’s ability to avoid a deeper debt crisis in the aftermath of the French and Greek elections, therefore encouraging investors to return to the relative safety of the U.S. mortgage bond and Treasury market,” said Erin Lantz, director of Zillow Mortgage Marketplace.
“Although ongoing uncertainty in Europe will keep rates volatile, we don’t expect a sustained decline or rise in rates in the coming week,” added Lantz.
*The weekly rate chart illustrates the average 30-year fixed interest in six-hour intervals.