30-Year Fixed Mortgage Rate Reaches New 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 3.56 percent, down from 3.59 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 3.59 percent, first reported on May 15. After peaking at 3.62 percent at the beginning of the week, the 30-year fixed mortgage rate dropped and hovered between 3.54 and 3.58 percent over the weekend, rising to the current rate this morning.

“Despite a brief spike in rates driven by the Spanish bailout, interest rates returned quickly to record low levels,” said Erin Lantz, director of Zillow Mortgage Marketplace. “We expect rates to remain fairly stable this week. Beyond that, we could see some rate movement after this weekend’s Greek election or late June’s EU summit where leaders plan to discuss longer-term solutions to the region’s economic challenges.”

Additionally, the 15-year fixed mortgage rate this morning was 2.95 percent and for 5/1 ARMs, the rate was 2.68 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.