The 30-year fixed mortgage rate on Zillow(R) Mortgages is currently 3.75 percent, down one basis point from this time last week. The 30-year fixed mortgage hovered around 3.80 percent last week, peaking at 3.88 percent on Monday before returning to the current rate.
“Rates did not increase as expected last week considering the positive economic data releases and Friday’s impressive employment report,” says Erin Lantz, vice president of mortgages at Zillow. “With little incoming data or policy announcements scheduled for release this week, we expect rates to remain stable while markets look ahead toward next week’s Federal Open Market Committee meeting.”
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 3.0 percent, while the rate for a 5-1 adjustable-rate mortgage (ARM) is 2.84 percent.
Purchase Mortgage Application Activity
Zillow predicts tomorrow’s seasonally adjusted Mortgage Bankers Association Weekly Application Index will show purchase loan activity decreased by 20 percent 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/.
