SEATTLE, June 17, 2014 (GLOBE NEWSWIRE) -- The 30-year fixed mortgage rate on Zillow®Mortgage Marketplace is currently 4.06 percent, up two basis points from this time last week. The 30-year fixed mortgage rate peaked at 4.15 percent on Wednesday before dropping to 4.08 percent on Thursday, where rates hovered for the remainder of the week.About Zillow Mortgage MarketplaceZillow Mortgage Marketplace
"Limited new domestic economic data and ongoing international uncertainty helped keep mortgage rates steady last week," said Erin Lantz, vice president of mortgages at Zillow. "Looking ahead, we expect rates to remain steady this week, unless the Federal Open Market Committee announces significant policy changes that would affect the pace of stimulus wind down."
Zillow's real-time mortgage rates are based on thousands of custom mortgage quotes submitted daily to anonymous borrowers on the Zillow Mortgage Marketplace site, and reflect the most recent changes in the market. These are not marketing rates, or a weekly survey.
The rate for a 15-year fixed home loan is currently 3.08 percent, while the rate for a 5-1 adjustable-rate mortgage (ARM) is 2.83 percent.
Mortgage Application Activity
Zillow predicts tomorrow's seasonally adjusted Mortgage Bankers Association Weekly Application Index will show activity for both refinance and purchase loans to fall by 1 percent from the week prior. Refinance volume for the week ending June 13, 2014 is predicted to fall by 2 percent while purchase volume is predicted to fall by 3 percent. Zillow combines loan requests made on Zillow Mortgage Marketplace last week with the previous week's Mortgage Bankers Association (MBA) Weekly Application Index to predict the MBA's Weekly Application Index, which will be released tomorrow. For more information about this prediction, visit http://www.zillow.com/research/mortgage-app-index-now-cast-7013/
"Beginning this week, we are excited to give you an earlier look into mortgage application activity with Zillow's forecast of the Mortgage Bankers Association Weekly Application Index, which combines Zillow loan request data with historical mortgage application information," Lantz said. "The combination of this new data and real-time mortgage rates will help to more effectively frame the market, which will ultimately help consumers make better mortgage decisions."
Below are current rates for 30-year fixed mortgages by state. Additional states' rates are available at: http://www.zillow.com/mortgage-rates.
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