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Lending / The Ticker

Zillow: Minor drop in 30-year mortgage rates

Expect rates to remain steady

Interest question

Mortgage rates for 30-year fixed mortgages rose dipped slightly from last week’s figures, according to Zillow’s Mortgage Marketplace. Current rate borrowers were quoted interest rates of 4.03% on Zillow (Z) this week, down from 4.06% 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 measure of what prospective buyers are seeing in the market.

According to this week’s Primary Mortgage Market Survey from Freddie Mac, the 30-year, fixed rate mortgage averaged 4.14% for the week that ended June 26, down from 4.17% the previous week and 4.46% a year ago.

“Last week, mortgage rates remained stable as the Federal Open Market Committee’s policy statement contained few surprises,” said Erin Lantz, vice president of mortgages at Zillow. “With little anticipated economic news this week, we expect rates will remain steady, similar to the pattern they’ve held for the past few weeks.”

For prospective borrowers looking for a shorter-term mortgage on Zillow, the 15-year fixed mortgage rate was 3% and for 5/1 adjustable rate mortgages, the rate was 2.79%.

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