Although most analysts have shown optimism for a strong spring homebuying season, online mortgage marketplace provider Zillow is reporting that its 30-year fixed mortgage rates have been flat for the past month.
The 30-year fixed mortgage rate on Zillow Mortgages rose eight basis points to 3.61 in the last week. Rates have been hovering around that range for about the past month, said Erin Lantz, vice president of mortgages at Zillow, who added that the company expects little movement leading up to today’s first-quarter GDP data release. Zillow predicted that the Mortgage Bankers Association’s Weekly Application Index won’t show much purchase loan activity, either.
However, Lantz speculated that a that statement expected by the Federal Reserve Board later today could have the potential to raise rates if incoming data is strong.
The rate for a 15-year fixed home loan is currently 2.84 percent, and the rate for a 5-1 adjustable-rate mortgage (ARM) is also 2.84 percent.
Zillow said Illinois, New York and Pennsylvania saw the highest basis point change. New York saw a 15-percent increase, while Illinois and Pennsylvania saw an 11-percent increase. Although California is usually one of the most active real estate states, it only saw a 3-percent rise, Zillow said.
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 company noted.
Editor’s note: This story has been updated.