Zillow: 30-Year Rates Drop to 4.25 Percent
The 30-year fixed-rate mortgage (FRM) on the Zillow Mortgage Marketplace is currently at 4.26 percent, up one basis point from 4.25 percent at this time last week. The 30-year FRM spiked to 4.33 percent on Wednesday and hovered between 4.32 and 4.34 percent for the majority of the week before dropping to the current rate this morning. “Rates remained flat last week despite the release of a strong jobs report which would typically move rates upward,” said Erin Lantz, director of mortgages at Zillow. “Instead of reacting to regularly scheduled economic data, markets are focused on next week’s Federal Open Market Committee (FOMC) meeting which will hopefully provide clarity around the timing of the Federal Reserve’s plans to wind down its stimulus program.” Zillow’s real-time mortgage rates are based on thousands of custom mortgage quotes submitted daily to anonymous borrowers on the Zillow Mortgage Marketplace 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 3.21 percent, while the rate for a 5-1 adjustable-rate mortgage (ARM) is 2.76 percent.