SEATTLE, July 8, 2014 (GLOBE NEWSWIRE) -- The 30-year fixed mortgage rate on Zillow® Mortgage Marketplace is currently 4.03 percent, up five basis points from this time last week. The 30-year fixed mortgage rate steadily increased last week, spiking to 4.26 percent on Friday before declining to the current rate over the weekend.
"Last week, rates jumped after the jobs report exceeded expectations by a wide margin, lifting rates to three-month highs heading into the holiday weekend," said Erin Lantz, vice president of mortgages at Zillow. "On Monday we saw rates fall sharply and expect they will continue to drift slightly lower as the exuberance of the jobs report fades."
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 3.04 percent, while the rate for a 5-1 adjustable-rate mortgage (ARM) is 2.81 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 decrease by 4 percent from the week prior. Refinance volume for the week ending July 04, 2014 is predicted to increase by 17 percent while purchase volume is predicted to increase by 2 percent. Zillow combines loan requests made on Zillow Mortgage Marketplace last week with the previous week's Mortgage Bankers Association (MBA) Weekly Application Index to predict the MBA's Weekly Application Index, which will be released tomorrow. For more information about this prediction, visit http://www.zillow.com/research/mortgage-app-index-now-cast-7013/.
Below are current rates for 30-year fixed mortgages by state. Additional states' rates are available at: http://www.zillow.com/mortgage-rates.
| State |
Current 30-Year Fixed Rate (07/08/14) |
Last Week's 30-Year Fixed Rate (07/01/14) |
Change in Basis Points |
||
| California Mortgage Rates | 4.03% | 3.97% | +6 | ||
| Colorado Mortgage Rates | 4.06% | 3.97% | +9 | ||
| Florida Mortgage Rates | 4.01% | 3.92% | +9 | ||
| Illinois Mortgage Rates | 4.10% | 4% | +10 | ||
| Massachusetts Mortgage Rates | 4.03% | 3.99% | +4 | ||
| New Jersey Mortgage Rates | 4.04% | 4% | +4 | ||
| New York Mortgage Rates | 4.04% | 4.02% | +2 | ||
| Pennsylvania Mortgage Rates | 4.06% | 3.99% | +7 | ||
| Texas Mortgage Rates | 4.02% | 3.96% | +6 | ||
| Washington Mortgage Rates | 4.03% | 3.97% | +6 | ||
About Zillow Mortgage Marketplace
Zillow Mortgage Marketplace, operated by Zillow, Inc., is a free, open, and transparent lending marketplace, where borrowers connect with lenders to find loans and get the best mortgage rates. Borrowers anonymously submit loan requests and receive an unlimited number of custom mortgage quotes with real rates directly from thousands of competing lenders. Zillow Mortgage Marketplace also provides mortgage calculators, mortgage advice, mortgage widgets, and lender directories.
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