Mortgage application defects keep rising

Mortgage application defects keep rising

Michigan, Florida, Texas lead First American application defect index

Monday Morning Cup of Coffee: When will mortgage lending pick up?

Plus, more on the future of Fannie and Freddie

Fannie Mae: 3 reasons why this oil glut won't crash housing

It isn't the 1980s anymore
W S
The Ticker

Zillow: 30-year rates hover at 4% for second week

ratesdown
/ Print / Reprints /
| Share More
/ Text Size+

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%. 

Recent Articles by Trey Garrison

Comments powered by Disqus