AgentIndustry News

Zillow laments flat mortgage rates in weekly survey

30-year fixed rate Zillow mortgages have hovered around 3.6 percent in the past month

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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. ...