30-Year Fixed Mortgage Rate Hovers Above All-Time Low

Mortgage rates for 30-year fixed mortgages fell this week, with the current rate borrowers were quoted on Zillow Mortgage Marketplace at 3.6 percent, down from 3.63 percent at this same time last week.

After peaking at 3.65 percent at the beginning of last week, the 30-year fixed mortgage rate dropped and hovered between 3.61 and 3.63 percent over the weekend, rising to 3.64 percent before falling to the current rate this morning.

“Mortgage rates fell slightly this week, fueled by concerns that the turmoil in Spain’s banking system could worsen the European debt crisis,”  said Erin Lantz, director of Zillow Mortgage Marketplace. “Looking ahead, rate fluctuations will continue to be driven by news from Spain and Greece, in particular Greek elections that will likely determine the country’s fate in the eurozone.”

Additionally, the 15-year fixed mortgage rate this morning was 2.91 percent and for 5/1 ARMs, the rate was 2.54 percent.

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