30-Year Fixed Mortgage Rate Falls Below 3.5 Percent for the First Time

Mortgage rates for 30-year fixed mortgages fell this week, with the current rate borrowers were quoted on Zillow Mortgage Marketplace at 3.48 percent, down from 3.56 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 3.56 percent, first reported one week ago on June 12. The 30-year fixed mortgage rate steadily declined for the majority of the week, jumping to 3.5 percent on Monday before falling to the current rate this morning.

“Even though the Greek election outcome improved the likelihood that Greece would remain in the Eurozone, rates experienced a very muted boost from the news, and ended the week down slightly from the prior week, surpassing the 3.5 percent milestone” said Erin Lantz, director of Zillow Mortgage Marketplace.

“Over the past couple of weeks, even ostensibly significant events like the Greek election or the Spanish bailout have failed to push rates outside the current range for an extended time period.  So, with limited economic news or international events scheduled for this coming week, we think this inertia will remain, keeping rates within the historically low range we’ve enjoyed for the past month,” added Lantz.

Additionally, the 15-year fixed mortgage rate this morning was 2.88 percent and for 5/1 ARMs, the rate was 2.51 percent.

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

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