Zillow: 30-year rates hover at 4% for second week
Mortgage rates for 30-year fixed mortgages rose this week, with the current rate borrowers were quoted on Zillow (Z) Mortgage Marketplace at 4.01%, up from 3.99% at this same time last week.
Zillow’s mortgage rate report is based on Zillow clients, and is not as comprehensive as the weekly rate report from Freddie Mac, but it is a good metric to follow.
The 30-year fixed mortgage rate declined early last week, dropping to as low as 3.92% on Wednesday before rising to the current rate over the weekend.
“Rates hovered near 12-months lows, remaining below 4% for most of last week due to the markets’ anticipation of the European Central Bank’s decision to ease monetary policy to stimulate growth,” said Erin Lantz, vice president of mortgages at Zillow.
“This week, we expect rates to drift upward if the ECB’s plans suggest a more worrisome picture of the European economy, or if the U.S. employment report reveals unexpectedly strong jobs growth when it is released on Friday,” she said.
Additionally, the 15-year fixed mortgage rate this morning was 3.01%, and for 5/1 ARMs, the rate was 2.76%.