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Zillow: 30 Year Mortgage Rates Drop to New Record Low

According to the Zillow Mortgage Marketplace, 30-year mortgage rates have dropped to a new record low. Ever since Zillow Mortgage Marketplace began in the year 2008, there has never been a report by them with such low figures. This record rate is according to the beginning of February, 2012, where the current rate which was at 3.72 percent dropped down to 3.66 percent on February 7th.

Zillow previously had a low not too long ago on January 17th, 2012, which was 3.69 percent. In addition, 15-year mortgage rates have also been low by recently being at 3.01 percent, while the 5/1 ARMs rate came in at 2.7 percent. These are some extremely interesting results considering that Erin Lantz, the director of Zillow Mortgage Marketplace, reports that employment numbers have been high of late. This typically has meant an increase in the mortgage rates however today with such low percentages that are only changing back and fourth in small increments but still remaining low, this idea is not proving to be the case.

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