Zillow Mortgage Marketplace: Bumpy Week for 30-Year Rates
Mortgage rates for 30-year fixed mortgages fell slightly this week, with the current rate borrowers were quoted on Zillow Mortgages at 4.03 percent, down from 4.04 percent at this same time last week. The 30-year fixed mortgage rate spiked early last week, peaking at 4.23 percent on Thursday before easing back down to the current rate on Friday.
"Last week, mortgage rates temporarily jumped to the highest level in more than a month on the back of strong GDP growth figures, before cooling after weaker-than-expected jobs news," said Erin Lantz, vice president of mortgages at Zillow. "This week we expect rates to remain steady, with limited influential domestic data slated for release."
Additionally, the 15-year fixed mortgage rate this morning was 3.07 percent, and for 5/1 ARMs, the rate was 2.77 percent.
Purchase Mortgage Application Activity: Zillow predicts tomorrow's seasonally adjusted Mortgage Bankers Association Weekly Application Index will show purchase loan activity to increase by 2 percent from the week prior. To learn more about this Zillow analysis, click here.
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