30-Year Fixed Mortgage Rate Drops to New Record Low

Mortgage rates for 30-year fixed mortgages fell this week, with the current rate borrowers were quoted on Zillow Mortgage Marketplace at 3.66 percent, down from 3.72 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 3.69 percent, first reported on Jan. 17. The 30-year fixed mortgage rate peaked at 3.7 percent on Friday, steadily declined through the weekend and dropped to the current rate this morning.

“Despite strong employment figures released on Friday, which often give a sustained boost to mortgage rates, the 30-year fixed mortgage rate has remained historically low, hovering in an extremely narrow band between 3.65 and 3.7 percent for the past week,” said Erin Lantz, director of Zillow Mortgage Marketplace. “Although European headlines may drive more volatility in the coming week, we expect rates will stay near this range.”

Additionally, the 15-year fixed mortgage rate this morning was 3.01 percent and for 5/1 ARMs, the rate was 2.7 percent.

What are the rates right now? Check Zillow Mortgage Marketplace for up-to-the-minute mortgage rates for your state.