30-Year Fixed Mortgage Rate at Lowest Level in 19 Months

house keys lying on house blueprintsRISMEDIA, Wednesday, December 03, 2014

The 30-year fixed mortgage rate on Zillow(R) Mortgages is currently 3.76 percent, down one basis point from this time last week. The 30-year fixed mortgage hovered around 3.75 percent last week before settling at the current rate.

“Rates continued to slide last week, and are now down more than a half of a percentage point from their mid-September peak,” said Erin Lantz, vice president of mortgages at Zillow. “Strong economic data suggests rates should move higher, but weak demand for new loans has kept rates low. This week we expect to see some volatility as markets react to Friday’s job report, but anticipate rates to increase modestly by week’s end.”

Zillow’s real-time mortgage rates are based on thousands of custom mortgage quotes submitted daily to anonymous borrowers on the Zillow Mortgages 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 2.97 percent, while the rate for a 5-1 adjustable-rate mortgage (ARM) is 2.76 percent.

Purchase Mortgage Application Activity

Zillow predicts tomorrow’s seasonally adjusted Mortgage Bankers Association Weekly Application Index will show purchase loan activity increased by 15 percent from the week prior. Zillow combines loan requests made on Zillow Mortgages last week with the previous week’s Mortgage Bankers Association (MBA) Weekly Application Index to predict the MBA’s Weekly Application Index for purchase loans, which will be released tomorrow.

For more information about this prediction, visithttp://www.zillow.com/research/mortgage-app-index-part-one-7016/.

States’ rates are available at: http://www.zillow.com/mortgage-rates.

Bookmark the permalink.

Comments are closed.