30-Year Fixed Mortgage Rate Plummets 15 Basis Points, Returns to All-Time Low Set Last Month

Mortgage rates for 30-year fixed mortgages fell this week, with the current rate borrowers were quoted on Zillow Mortgage Marketplace at 3.92 percent, down from 4.07 percent at this same time last week. This represents the second time the rate has dropped below 4 percent and is a return to the lowest rate recorded since Zillow Mortgage Marketplace launched in April 2008. That rate was recorded on Aug. 10, 2011.

After rising to 4.07 percent on last Thursday, the 30-year fixed mortgage rate hovered between 3.98 percent and 4.05 percent before diving to the current rate early this morning.

Additionally, the 15-year fixed mortgage rate this morning was 3.17 percent and for 5/1 ARMs, the rate was 2.57 percent.

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