Zillow: Mortgage Rates Holding Steady For Now

Posted by Patrick Barnard on June 10, 2014 No Comments
Categories : Residential Mortgage

Zillow reports that mortgage rates more or less held steady during the week ending June 6. As of Friday, the average quoted rate on a 30-year fixed rate mortgage (FRM) was 4.04%, up three basis points from the previous week.

The rates that Zillow cites are based on advertising and not closings.

The average rate peaked at 4.12% on Thursday before dropping to 4.03% on Friday, where rates hovered for the remainder of the week, according to the firm.

‘Mortgage rates were flat last week as two highly anticipated announcements, the European Central Bank's stimulus plan and the latest U.S. employment report, confirmed the outcomes the markets were expecting,’ says Erin Lantz, vice president of mortgages at Zillow, in a release. ‘[This] week there is a limited number of market-moving news or events scheduled, so we expect rates to remain stable.’

As of Friday, the average rate for a 15-year fixed home loan was 3.03%, while the average rate for a 5-1 adjustable-rate mortgage was 2.78%.

Zillow reports its mortgage rates in real time. For more, click here.

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