The 30-year fixed-rate mortgage (FRM) on Zillow Mortgage Marketplace is currently 4.05 percent, up two basis points from this 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 four 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.”
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 3.03 percent, while the rate for a 5-1 adjustable-rate mortgage (ARM) is 2.79 percent.
Purchase Mortgage Application Activity
Zillow predicts tomorrow’s seasonally adjusted Mortgage Bankers Association Weekly Application Index will show purchase loan activity fell by three percent from the week prior. Zillow combines loan requests made on Zillow Mortgage Marketplace last week with the previous week’s Mortgage Bankers Association (MBA) Weekly Application Index to predict the MBA’s Weekly Application Index for purchase loans, which will be released tomorrow.