Mortgage rates for 30-year fixed mortgages fell this week, with the current rate borrowers were quoted on Zillow Mortgage Marketplace at 3.89 percent, down from 3.92 percent at this same time last week. This rate represents the lowest rate recorded since Zillow Mortgage Marketplace launched The previous low was 3.92 percent, first recorded on Aug. 10, 2011.
The 30-year fixed mortgage rate stayed below 4 percent for the majority of last week, hovering between 3.92 and 3.99, until jumping to 4.09 percent yesterday. The rate quickly returned to 3.92 percent the same day and spiked one last time before plummeting to the current rate early this morning.
Additionally, the 15-year fixed mortgage rate this morning was 3.12 percent and for 5/1 ARMs, the rate was 3.48 percent.