Zillow Mortgage Marketplace: 30-Year Rate Spikes, Briefly
Mortgage rates for 30-year fixed mortgages rose this week, with the current rate borrowers were quoted on Zillow Mortgage Marketplace at 4.03 percent, up from 3.98 percent at this same time last week. The 30-year fixed mortgage rate steadily increased last week, spiking to 4.26 percent on Friday before declining to the current rate over the weekend.
"Last week, rates jumped after the jobs report exceeded expectations by a wide margin, lifting rates to three-month highs heading into the holiday weekend," said Erin Lantz, vice president of mortgages at Zillow. "On Monday we saw rates fall sharply and expect they will continue to drift slightly lower as the exuberance of the jobs report fades."
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 decrease by 4 percent from the week prior. Refinance volume for the week ending July 4, 2014 is predicted to increase by 17 percent while purchase volume is predicted to increase by 2 percent. To learn more about this Zillow analysis, click here.