Get to Know MAFCU
30-Year Fixed Mortgage Rates Dip Slightly
30-Year Fixed Mortgage Rates Dip Slightly; Current Rate is 4.03%, According to Zillow Mortgage Rate Ticker
SEATTLE, June 24, 2014 (GLOBE NEWSWIRE) -- The 30-year fixed mortgage rate on Zillow(R) Mortgage Marketplace is currently 4.03 percent, down just three basis points from this time last week. The 30-year fixed mortgage rate hovered around 4.08 percent for the majority of the week, before dropping modestly to the current rate on Tuesday morning.
"Last week, mortgage rates remained stable as the Federal Open Market Committee's policy statement contained few surprises," said Erin Lantz, vice president of mortgages at Zillow. "With little anticipated economic news this week, we expect rates will remain steady, similar to the pattern they've held for the past few weeks."
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 3.0 percent, while the rate for a 5-1 adjustable-rate mortgage (ARM) is 2.79 percent.
"We expect that the rise in refinance mortgage applications is likely due to a combination of low enough interest rates to spur refinance activity and a rebound from the drop in applications the week prior," said Lantz.