30-Year Fixed Mortgage Rate Drops 11 Basis Points, Back Down to Historically Low Levels
Mortgage rates for 30-year fixed mortgages fell this week, with the current rate borrowers were quoted on Zillow Mortgage Marketplace at 3.39 percent, down from 3.5 percent at this same time last week.
The 30-year fixed mortgage rate hovered between 3.4 and 3.5 percent for the majority of the week, dropping to the current rate this morning.
“This past week, rates fell back down close to the historic low level we’ve enjoyed since June following the release of the Federal Open Market Committee minutes, which suggested the Federal Reserve was more supportive of additional stimulus in the form of quantitative easing (QE3) than the market had expected,” said Erin Lantz, director of Zillow Mortgage Marketplace.
“Now that rates have returned to the low plateau where they’ve spent most of the summer, we expect rates to remain close to this equilibrium this coming week as the market awaits more significant events in the first half of September,” added Lantz.