Date: July 10, 2012 | Author:Camille Salama
Mortgage rates for 30-year fixed mortgages fell this week, with the current rate borrowers were quoted on Zillow Mortgage Marketplace at 3.39 percent, down from 3.43 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 3.43 percent, first reported one week ago on July 3. The 30-year fixed mortgage rate hovered between 3.41 and 3.47 percent for the majority of the week, dropping to the current rate this morning.
“Last week, rates were pushed to another all-time low by the worse-than-expected employment report on Friday. This week, rates should remain fairly flat with limited scheduled news to alleviate US and European concerns,” said Erin Lantz, director of Zillow Mortgage Marketplace. “Although these low rates reflect the fragility of the global economic recovery, the silver lining for some U.S. homeowners is the opportunity to refinance at much lower rates, and programs like HARP are extending these opportunities to underwater homeowners who had previously been sidelined.”
*The weekly rate chart illustrates the average 30-year fixed interest in six-hour intervals