30-Year Fixed Mortgage Rate Ties Record Low
Mortgage rates for 30-year fixed mortgages fell this week, with the current rate borrowers were quoted on Zillow Mortgage Marketplace at 3.18 percent, down from 3.26 percent at this same time last week.
This represents the lowest rate reported since Zillow Mortgage Marketplace launched in April 2008 — the last time this rate was reported was on Sept. 25. After peaking at 3.35 percent on Wednesday, it fluctuated between 3.19 and 3.25 percent over the remainder of the week before dipping to the current rate this morning.
“The post-election market has proven favorable for borrowers as mortgage rates are now at an all-time low,” said Erin Lantz, director of Zillow Mortgage Marketplace. “Looking ahead, we expect rates to stay in record-low territory as Congress works though a resolution for the looming fiscal cliff.”