Mortgage Marketplace: 30-Year Rates Drift Down

REAL ESTATE TOPICS



By Alexa Fiander

Mortgage rates for 30-year fixed mortgages fell this week, with the current rate borrowers were quoted on Zillow Mortgage Marketplace at 4.03 percent, down from 4.06 percent at this same 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."

Additionally, the 15-year fixed mortgage rate this morning was 3.0 percent, and for 5/1 ARMs, the rate was 2.79 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 rise by 7 percent from the week prior. Refinance volume for the week ending June 20, 2014 is predicted to rise by 27 percent while purchase volume is predicted to fall by 2 percent.

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