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The 30-year fixed mortgage rate on Zillow Mortgages is currently 3.93 percent, down two points from this time last week. The 30-year fixed mortgage rate rose to 4.03 percent on Friday and remained there through the weekend, then dropped to 3.88 percent on Monday before returning to the current rate.
“After moving higher on Friday, rates fell as markets absorbed the shock of Greece’s decision to close its banks leading up to a referendum on its debt negotiations,” said Erin Lantz, vice president of mortgages at Zillow. “Greece will likely dominate financial headlines again this week, but Thursday’s early jobs report could move markets if lenders don’t clock out early for the Fourth of July holiday.”
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 2.88 percent.
Zillow predicts tomorrow’s seasonally adjusted Mortgage Bankers Association Weekly Application Index will show purchase loan activity did not change from the week prior. Zillow combines loan requests made on Zillow Mortgages 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.