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Wednesday, January 18, 2012

30-Year Fixed Mortgage Rate Drops to New Record Low For Third Consecutive Week.

Mortgage rates for 30-year fixed mortgages fell this week, with the current rate borrowers were quoted on Zillow Mortgage Marketplace at 3.69 percent, down from 3.71 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 3.71 percent, first reported last week on Jan. 10. The 30-year fixed mortgage rate hovered between 3.66 and 3.7 percent for the majority of the week, dropping to 3.64 percent on Sunday before rising to the current rate this morning.

“Rates have once again dropped to a new low and there are many refinancing options available to assist homeowners who are underwater on their mortgages, such as the recently revamped HARP program,” said Erin Lantz, director of Zillow Mortgage Marketplace. “Although we don’t expect 30-year-fixed rates to rise above the 4 percent range in the first half of the year, refinancing is not an overnight process so homeowners should start exploring their options now to take advantage of these rates.”

Additionally, the 15-year fixed mortgage rate this morning was 3.03 percent and for 5/1 ARMs, the rate was 2.63 percent.

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

30-Year Fixed Mortgage Rate Drops to New Record Low For Third Consecutive Week.
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