Filed under: Buying, Economy, Financing
By Lauren Braun
Mortgage rates for 30-year fixed loans fell this week, with the current rate borrowers were quoted on Zillow Mortgages at 3.75 percent, down from 3.76 percent at this time last week.
The 30-year fixed mortgage rate hovered around 3.80 percent last week, peaking at 3.88 percent on Monday before returning to the current rate.
"Rates increased less than expected last week considering the positive economic data releases and Friday's impressive employment report," said Erin Lantz, vice president of mortgages at Zillow. "With little incoming data or policy announcements scheduled for release this week, we expect rates to remain stable while markets look ahead toward next week's Federal Open Market Committee meeting."
Additionally, the 15-year fixed mortgage rate Tuesday morning was 3.0 percent, and for 5/1 ARMs, the rate was 2.84 percent.
Purchase Mortgage Application Activity
Zillow predicted Wednesday's seasonally adjusted Mortgage Bankers Association Weekly Application Index would show purchase loan activity decreased by 20 percent from the previous week. To learn more about this Zillow analysis, click here.
For detailed rate analysis, check Zillow Mortgages for mortgage rate trends and up-to-the-minute mortgage rates for your state.
The weekly mortgage rate chart illustrates the average 30-year fixed interest rate in six-hour intervals.