Mortgage Rates Plummet Back to Historic Lows

Just when you thought they were on a rebound, mortgage rates once again fell precipitously this week, with the 30-year fixed-rate home loan slamming into 3.39 percent.

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""Zillow"":http://www.zillow.com/ reported the latest numbers on Tuesday. The real estate website found the 30-year fixed-rate mortgage slipping from 3.5 percent to 3.4 percent earlier this week.

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Interest rates for the 15-year home loan averaged 2.76 percent, while those for 5-year and 1-year adjustable-rate mortgages hovered at 2.38 percent.

Mortgage rates for the 30-year zigzagged across many of the states, falling by some 12 basis points to 13 basis points in California and Colorado, respectively.

""This past week, rates fell back down close to the historic low level we've enjoyed since June following the release of the Federal Open Market Committee minutes, which suggested the Federal Reserve was more supportive of additional stimulus in the form of quantitative easing (QE3) than the market had expected,"" ""Erin Lantz"":http://www.zillow.com/profile/Erin-Lantz/, director of Zillow Mortgage Marketplace, said in a statement.

She added that ""we expect rates to remain close to this equilibrium this coming week as the market awaits more significant events in the first half of September.""

*When do you think mortgage rates will stop their declines?* Let us know by shooting an email to [email protected].