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 3.35 percent, down from 3.42 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 3.39 percent, first reported on July 10. After peaking at 3.44 percent on Friday, the 30-year fixed mortgage rate dropped and hovered between 3.35 and 3.4 percent over the weekend, dropping to the current rate this morning.
“Rates dropped to a new low this week on concerns about Spain’s deteriorating economy coupled with Moody’s downgrade of the stronger eurozone countries,” said Erin Lantz, director of Zillow Mortgage Marketplace. “This coming week, we expect rates to hover at record lows as investors remain concerned about eurozone economic stability and continue to flock to the relative safety of U.S. Treasuries and mortgage-backed securities.”