30-Year Fixed Mortgage Rate Hits 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 3.73 percent, down from 3.81 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 3.74 percent, first reported on Sept. 22, 2011. After dropping to 3.68 percent last Saturday, the 30-year fixed mortgage rate hovered between 3.74 and 3.79 percent for the rest of the week, falling to the current rate early this morning.
“Rates fell to an all-time low this past week amid low holiday volume and continued Federal Reserve mortgage-backed security buying,” said Erin Lantz, director of Zillow Mortgage Marketplace.“Moving forward, we can expect some rate volatility as markets establish their initial baselines for 2012. However, we anticipate mortgage rates to remain relatively stable around 4 percent for the first half of the year.”