30-Year Fixed Mortgage Rate Falls 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 3.16 percent, down from 3.2 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 3.18 percent, reported on Nov. 13.

The 30-year fixed mortgage rate hovered between 3.15 and 3.2 percent for the majority of the week, dropping to the current rate this morning.

“The post-election climate has been favorable for record low mortgage rates. Fiscal cliff concerns are currently overshadowing some positive signals that the U.S. economy is improving, which, in turn, is keeping interest rates subdued,” said Erin Lantz, director of Zillow Mortgage Marketplace. “We expect to see the record-setting mortgage rates continue through the end of the year.”

Additionally, the 15-year fixed mortgage rate this morning was 2.59 percent, and for 5/1 ARMs, the rate was 2.35 percent.

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

*The weekly rate chart illustrates the average 30-year fixed interest rate in six-hour intervals.