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 3.59 percent, down from 3.6 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 May 15. After dipping below 3.5 percent earlier in the week, the 30-year fixed mortgage rate remained flat over the weekend, rising to the current rate early this morning.

“Although headlines out of Europe have dominated rate movements for the past months, Friday’s weak U.S. jobs report layered domestic concerns on top of ongoing eurozone worries, pushing rates into record territory,” said Erin Lantz, director of Zillow Mortgage Marketplace. “With limited economic data releases this coming week, we expect rates to remain fairly flat as the markets await more U.S. economic data, Treasury actions and the results of the Greek elections in mid-June.”

Additionally, the 15-year fixed mortgage rate this morning was 2.95 percent and for 5/1 ARMs, the rate was 2.6 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.