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The 30-year fixed mortgage rate on Zillow Mortgages is currently 3.74 percent, down one basis point from this time last week. The 30-year fixed-rate mortgage (FRM) hovered around the current rate throughout the week.
“Rates dipped slightly last week following a mildly disappointing jobs report, but quickly rebounded, ending the week where they began,” said Erin Lantz, vice president of mortgages at Zillow. “With limited domestic data slated for release in this holiday-shortened week, we expect rates will remain fairly steady for the second week in a row.”
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 2.90 percent, while the rate for a 5-1 adjustable-rate mortgage (ARM) is 2.66 percent.
Zillow predicts tomorrow’s seasonally adjusted Mortgage Bankers Association Weekly Application Index will show purchase loan activity decreased by one percent 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, which will be released tomorrow.