The 30-year fixed mortgage rate on Zillow(R) Mortgages is currently 3.77 percent, down five basis points from this time last week. The 30-year fixed mortgage fell steadily last week before settling at the current rate.
“Rates eased last week on Europe’s weak economic data and the unexpected rate cut from China’s central bank,” said Erin Lantz, vice president of mortgages at Zillow. “Looking ahead, with several important U.S. data reports scheduled for release, we expect modest volatility in this holiday-shortened week.”
Zillow’s real-time mortgage rates are based on thousands of custom mortgage quotes submitted daily to anonymous borrowers on the Zillow Mortgages site, and reflect the most recent changes in the market.
These are not marketing rates, or a weekly survey.
The rate for a 15-year fixed home loan is currently 2.96 percent, while the rate for a 5-1 adjustable-rate mortgage (ARM) is 2.78 percent.
Purchase Mortgage Application Activity
Zillow predicts Wednesday’s seasonally adjusted Mortgage Bankers Association Weekly Application Index will show purchase loan activity did not change from the week prior. Zillow combines loan requests made on Zillow Mortgages last week with the previous week’s Mortgage Bankers Association (MBA) Weekly Application Index to predict the MBA’s Weekly Application Index for purchase loans, which will be released tomorrow.
For more information about this prediction, visit http://www.zillow.com/research/mortgage-app-index-part-one-7016/.
For current rates for 30-year fixed mortgages by state, visit http://www.zillow.com/mortgage-rates.
