Zillow Mortgage Marketplace: 30-Year Rate Rises to 4.05%
Mortgage rates for 30-year fixed mortgages barely changed this week, with the current rate borrowers were quoted on Zillow Mortgages at 4.05 percent, up from 4.03 percent at this same time last week. The 30-year fixed mortgage rate hovered between 4.02 and 4.08 percent for the majority of the week, dropping below 4 percent on Friday before rising to the current rate this morning.
"Last week rates dipped slightly after bank instability in Portugal triggered concerns about the broader European economy," said Erin Lantz, vice president of mortgages at Zillow. "This week we expect rate activity to remain somewhat subdued amid ongoing international uncertainty."
Additionally, the 15-year fixed mortgage rate this morning was 3.03 percent and for 5/1 ARMs, the rate was 2.79 percent. Last week at the same time, the 15-year rate was just a basis point higher, at 3.04 percent, while the rate of 5/1 ARMs was 2.81 percent.
Purchase mortgage application activity: Zillow predicts tomorrow's seasonally adjusted Mortgage Bankers Association Weekly Application Index will show purchase loan activity fell by 3 percent from the week prior. To learn more about this Zillow analysis, click here. What are the interest rates right now? Check Zillow Mortgages for mortgage rate trends and up-to-the-minute mortgage rates for your state.