Zillow: 30-year mortgage rates remain stable
Mortgage rates for 30-year fixed mortgages rose ever so slightly from last week’s figures, according to Zillow’s Mortgage Marketplace. Current rate borrowers were quoted interest rates of 4.04% on Zillow (Z) this week, up only three basis points from last week’s rate of 4.01%.
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 measure of what prospective buyers are seeing in the market.
According to Zillow’s data, the 30-year fixed mortgage rate peaked at 4.12% on Thursday before dropping to 4.03% on Friday, where rates remained for the rest of the week.
“Mortgage rates were flat last week as two highly anticipated announcements, the European Central Bank’s stimulus plan and the latest U.S. employment report, confirmed the outcomes the markets were expecting,” said Erin Lantz, vice president of mortgages at Zillow. “Next week there is a limited number of market-moving news or events scheduled, so we expect rates to remain stable.”
The 15-year fixed mortgage rate for Zillow’s Mortgage Marketplace was 3.03% this week and 2.78% for 5/1 ARMs.