Mortgage Rates Fell this week. Great opportunity for buyers.

Mortgage rates for 30-year fixed mortgages fell this week, with the current rate borrowers were quoted on Zillow Mortgage Marketplace at 3.18 percent, down from 3.34 percent at this same time last week.

This represents the lowest rate reported since Zillow Mortgage Marketplace launched in April 2008. After peaking at 3.35 percent on Wednesday, the 30-year fixed mortgage rate dropped to 3.28 percent and hovered between 3.32 and 3.35 percent over the weekend, dropping to the current rate this morning.

“Mortgage rates saw a significant drop this week, reaching an all-time low, as the market continued to digest the significant and sustained impact of the Federal Reserve’s decision to offer a new round of stimulus, which, unlike prior stimulus plans, does not carry a preset expiration date. The Federal Reserve’s commitment to keep the federal funds rate close to zero into the middle of 2015 also affected rates,” said Erin Lantz, director of Zillow Mortgage Marketplace.

“This week, we expect rates to rise slightly as lender capacity begins to fill up from a new influx of borrowers interested in refinancing at these historically low rates,” added Lantz.

Additionally, the 15-year fixed mortgage rate this morning was 2.59 percent, and for 5/1 ARMs, the rate was 2.43 percent.