30-Year Fixed Mortgage Rate Drops 10 Basis Points
Mortgage rates for 30-year fixed mortgages fell this week, with the current rate borrowers were quoted on Zillow Mortgage Marketplace at 3.72 percent, down from 3.82 percent at this same time last week.
On Jan. 17, the 30-year fixed mortgage rate dropped to 3.69 percent – the lowest rate reported since Zillow Mortgage Marketplace launched in April 2008. The 30-year fixed mortgage rate stayed below 3.82 percent for the entire week, hovering between 3.68 percent and 3.75 percent over the weekend. The rate then dropped to 3.65 percent on Monday before rising to the current rate early this morning.
“The thirty-year fixed mortgage rate fell late in the day on Monday due to a renewed concern about Greece’s unfinished debt restructuring negotiations,” said Erin Lantz, director of Zillow Mortgage Marketplace. “Though strides have been made elsewhere in the EU to implement stricter budget discipline, as long as Greek uncertainty persists, mortgage rates will remain historically low as investors look to Treasury and U.S. mortgage bonds.”