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Thirty-Year Fixed Mortgage Rate Ties Record Low: Zillow

The 30-year fixed mortgage rate tied the all-time low at 3.59 percent, down one basis point from last week, according to a ""Zillow"":http://www.zillow.com/ report released Tuesday.

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The real estate Web site also found the 15-year fixed-rate mortgage averaging 2.95 percent, while rates for 5-year and 1-year adjustable-rate mortgages hovered at 2.6 percent.

""Although headlines out of Europe have dominated rate movements for the past months, Friday's weak U.S. jobs report layered domestic concerns on top of ongoing eurozone worries, pushing rates into record territory,"" said ""Erin Lantz"":http://www.zillow.com/profile/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 U.S. economic data, Treasury actions and the results of the Greek elections in mid-June,"" she added.

The last time Zillow reported the same low mortgage rate was May 18.

New York and Illinois both saw base points decrease by 9 and 11 points, respectively. New York's mortgage rate dropped to 3.51 percent and Illinois was down to 3.61 percent. The 15-year mortgage rate is currently at 2.91 percent.

About Author: Sara Ortega

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