The 30-year fixed mortgage rate on Zillow® Mortgages is currently 3.96 percent, down twelve basis points from this time last week. The 30-year fixed mortgage rate spiked to 4.30 percent on Wednesday, then hovered around 4.06 percent for most of the week before falling to the current rate.
“Mortgage rates inched up briefly last week on the heels of Friday’s stronger than expected jobs report before falling sharply on Monday, hitting 11-week lows,” says Erin Lantz, vice president of mortgages at Zillow. “This week, with limited U.S. economic data slated for release, we expect rate movement to remain muted.”
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 3.07 percent, while the rate for a 5-1 adjustable-rate mortgage (ARM) is 2.83 percent.
Purchase Mortgage Application Activity
Zillow predicts tomorrow’s seasonally adjusted Mortgage Bankers Association Weekly Application Index will show purchase loan activity decreased by 1 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, click here.
For more information, and the current rates for 30-year fixed mortgages by state, click here.