Average 30-year fixed rate mortgages in the US dropped one basis point to 3.59 percent from 3.6 percent in the previous week, according to Zillow(R) Mortgage Marketplace.
This is the lowest level since the mortgage comparison website was launched in 2008. After earlier dropping 3.5 percent, 30-year fixed rate loans stayed flat over the weekend.
“Although headlines out of Europe have dominated rate movements for the past months, Friday’s weak US jobs report layered domestic concerns on top of ongoing Eurozone worries, pushing rates into record territory,” said Erin Lantz, Director of Zillow Mortgage Marketplace.
“With limited economic data releases this coming week, we expect rates to remain fairly flat as the markets await more US economic data, Treasury actions and the results of the Greek elections in mid-June.”
Meanwhile, average rates for 15-year fixed mortgages stand at 2.95 percent while 5-1 adjustable-rate mortgages (ARM) sit at 2.6 percent.
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