30-Year Fixed Mortgage Rate Hits Yet Another Record Low

Mortgage rates for 30-year fixed mortgages fell this week, with the current rate borrowers were quoted on Zillow Mortgage Marketplace at 3.34 percent, down from 3.35 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 3.35 percent, first reported one week ago on July 24. After peaking at 3.53 percent on Sunday, the 30-year fixed mortgage rate dropped and hovered between 3.39 and 3.48 percent, sliding to the current rate this morning.

“Rates rose at the end of last week after European Central Bank (ECB) President Mario Draghi’s comments increased confidence that the ECB would take aggressive actions to restore the health of the eurozone,” said Erin Lantz, director of Zillow Mortgage Marketplace.

“This coming week, we expect rates to remain flat in the early part of the week with potential for more volatility later in the week on the heels of the Federal Open Market Committee’s (FOMC) announcement on Wednesday afternoon, ECB meeting on Thursday and the U.S. Employment Situation Report on Friday. Although this week has more potentially near-term market-moving events than usual, we do not expect to see significant, long-term, rate changes until a path to eurozone economic recovery or collapse becomes clear,” added Lantz.

Additionally, the 15-year fixed mortgage rate this morning was 2.74 percent, and for 5/1 ARMs, the rate was 2.44 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 in six-hour intervals.