Zillow Reports Fixed-Rates Down
The 30-year fixed mortgage rate on Zillow Mortgages is currently 3.96 percent, down 12 basis points from this time last week. The 30-year fixed mortgage rate hovered around four percent for most of last week, peaking at 4.09 percent on Monday before easing back down to the current rate on Tuesday. “Mortgage rates stayed below four percent for much of last week on news of a potential European Central Bank plan to implement a stimulus program similar to the Federal Reserve’s that has kept rates low in the U.S.,” said Erin Lantz, vice president of mortgages at Zillow. “We expect rates to remain flat in this holiday-shortened week, as any bright spots in domestic economic data will likely be overshadowed by concerns about the European economy.” Zillow’s real-time mortgage rates are based on thousands of custom mortgage quotes submitted daily to anonymous borrowers on the Zillow Mortgages 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 3.04 percent, while the rate for a 5-1 adjustable-rate mortgage (ARM) is 2.81 percent.