Zillow finds 30-year rate falls to new record low

The 30-year fixed mortgage rate on the Zillow Mortgage Marketplace is currently at 4.25 percent, down seven basis points from 4.32 percent at this same time last week. This rate represents the lowest rate reported since Zillow Mortgage Marketplace was launched in April 2008. The 30-year fixed mortgage rate peaked at 4.35 percent on Saturday, Sept. 18 and hovered near 4.33 percent before falling on Monday to the current rate. Zillow’s real-time mortgage rates are based on thousands of custom mortgage quotes submitted daily to anonymous borrowers through the site, and reflect the most recent changes in the market. These are not marketing rates, or a weekly survey. The rate for a 15-year fixed home loan is currently 3.73 percent, while the rate for a 5-1 adjustable-rate mortgage (ARM) is 3.13 percent. Click here for the current rates for 30-year fixed mortgages by state. For more information, visit www.zillow.com.