Just when you thought that government-backed mortgage interest rates could not get any lower, mortgage interest rates dropped again last week. We get this report from Reuters on some new Zillow numbers:
Interest rates on 30-year fixed-rate mortgages fell for a third straight week, real estate website Zillow.com said on Tuesday.
Interest rates are historically low, offering a glimmer of hope for a housing market that still faces plenty of obstacles. Rock-bottom rates may boost home loan refinancing activity and also makes homes more affordable.
Mortgage rates on 30-year fixed mortgages, the most widely used loan, were 4.16 percent Tuesday afternoon, down from 4.19 percent at the same time last week, according to Zillow Mortgage Marketplace.
That is the lowest rate reported since Zillow Mortgage Marketplace launched in April 2008.
The 30-year fixed mortgage rate hovered near 4.25 percent until Saturday, then began to fall and remained at or below 4.23 percent for the rest of the week, Zillow said.
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