Zillow (Z) reported the 30-year fixed-rate mortgage rate at 3.56%, down three basis points from last week’s 3.59% and the lowest rate since its inception in April 2008, according to its Zillow Mortgage Marketplace website.
The rate for a 15-year fixed-rate mortgage is 2.95%, while the rate for a 5-1 adjustable-rate mortgage is 2.68%.
Erin Lantz, director of Zillow Mortgage Marketplace, said she expects the record-low interest rates to stabilize despite the Spanish bailout.
“We expect rates to remain fairly stable this week,” she said. “Beyond that, we could see some rate movement after this weekend’s Greek election or late June’s EU summit where leaders plan to discuss longer-term solutions to the region’s economic challenges.”
Zillow’s real-time mortgage rates are based on thousands of mortgage quotes submitted daily to anonymous borrowers on the Zillow Mortgage Marketplace site. They are not part of a lender survey.
See more of Zillow’s mortgage rate trends here.
