30-Year Fixed Mortgage Rate Falls Below 4 Percent; New All-Time Low
With this week’s Fannie/Freddie downgrade, stock market tumble, and the Fed’s promise to keep interest rates low until 2013, many have been left wondering what the impact will be on the housing market and, more specifically, how mortgage rates will change. As it turns out, Zillow Mortgage Marketplace shows that today’s 30-year fixed mortgage rate has taken a fall from Tuesday’s 9-month low of 4.14 percent to a new all-time low of 3.92 percent. This rate represents the first time the rate has dropped below 4 percent as well as the lowest rate recorded since Zillow Mortgage Marketplace launched in April 2008. Prior to today, the lowest rate recorded on Zillow Mortgage Marketplace was 4.07 percent on Nov. 9, 2010.