30-Year Fixed Mortgage Rate Drops to New Historical Low
Mortgage rates for 30-year fixed mortgages fell this week, with the current rate borrowers were quoted on Zillow Mortgage Marketplace at 3.43 percent, down from 3.48 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 3.48 percent, first reported one week ago on June 26. The 30-year fixed mortgage rate hovered between 3.44 and 3.49 percent for the majority of the week, dipping to the current rate this morning.
“Rates reached another all-time low this week, hitting 3.43 for the first time in history. The catalyst for the slight decline from last week’s lows was the much weaker than expected manufacturing sector report, which showed shrinking activity,” said Erin Lantz, director of Zillow Mortgage Marketplace. “During this holiday-shortened week, we expect rates to remain fairly flat unless Friday’s employment report significantly disappoints and further fuels U.S. economic concerns on the heels of the weak manufacturing report.”