Zillow Mortgage Marketplace: 30-Year Rates Rise a Bit
Mortgage rates for 30-year fixed mortgages remained stable this week, with the current rate borrowers were quoted on Zillow Mortgage Marketplace at 4.06 percent, up only 2 basis points from this same time last week. The 30-year fixed mortgage rate peaked at 4.15 percent on Wednesday before dropping to 4.08 percent on Thursday, where rates hovered for the remainder of the week.
"Limited new domestic economic data and ongoing international uncertainty helped keep mortgage rates steady last week," said Erin Lantz, vice president of mortgages at Zillow. "Looking ahead, we expect rates to remain steady this week, unless the Federal Open Market Committee announces significant policy changes that would affect the pace of stimulus wind down."
Additionally, the 15-year fixed mortgage rate this morning was 3.08 percent, and for 5/1 ARMs, the rate was 2.83 percent.
Mortgage Application Activity: Zillow predicts tomorrow's seasonally adjusted Mortgage Bankers Association Weekly Application Index will show activity for both refinance and purchase loans will fall by 1 percent from the week prior. Refinance volume for the week ending June 13, 2014 is predicted to fall by 2 percent while purchase volume is predicted to fall by 3 percent. To learn more about this Zillow analysis, click here.
What are the interest rates right now? Check Zillow Mortgage Marketplace for mortgage rate trends and up-to-the-minute mortgage rates for your state.