30-Year Fixed Mortgage Rates Slide Below 4%, For Second Week in a Row; Current Rate is 3.97%, According to Zillow Mortgage Ra...
July 22 2014 - 2:00PM
The 30-year fixed mortgage rate on Zillow® Mortgages is currently
3.97 percent, down eight basis points from this time last week. The
30-year fixed mortgage rate hovered between 3.96 and 4.08 percent
for the majority of the week, before settling at the current rate
on Tuesday.
"Rates dropped below 4 percent on Thursday amid the uncertainty
and turmoil following the MH17 flight disaster and ongoing military
activity in the Middle East," said Erin Lantz, vice president of
mortgages at Zillow. "This week, despite a fair amount of domestic
economic data slated for release, we expect events in the Middle
East and Ukraine will continue to put a damper on rates."
Zillow's real-time mortgage
rates are based on thousands of custom mortgage
quotes submitted daily to anonymous borrowers on the Zillow
Mortgages 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 3.01
percent, while the rate for a 5-1 adjustable-rate mortgage (ARM) is
2.77 percent.
Purchase Mortgage Application Activity
Zillow predicts tomorrow's seasonally adjusted Mortgage Bankers
Association Weekly Application Index will show purchase loan
activity to increase by 4 percent from the week prior. Zillow
combines loan requests made on Zillow Mortgages last week with the
previous week's Mortgage Bankers Association (MBA) Weekly
Application Index to predict the MBA's Weekly Application Index for
purchase loans, which will be released tomorrow. For more
information about this prediction, visit
http://www.zillow.com/research/mortgage-app-index-part-one-7016/.
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
(07/22/14) |
Last Week's 30-Year Fixed
Rate (07/15/14) |
Change in Basis
Points |
California Mortgage Rates |
3.98% |
4.04% |
-6 |
Colorado Mortgage Rates |
3.98% |
4.05% |
-7 |
Florida Mortgage Rates |
3.96% |
4.06% |
-10 |
Illinois Mortgage Rates |
3.99% |
4.08% |
-9 |
Massachusetts Mortgage Rates |
3.94% |
4.03% |
-9 |
New Jersey Mortgage Rates |
3.96% |
4.03% |
-7 |
New York Mortgage Rates |
3.96% |
4.02% |
-6 |
Pennsylvania Mortgage Rates |
3.96% |
4.05% |
-9 |
Texas Mortgage Rates |
3.99% |
4.05% |
-6 |
Washington Mortgage Rates |
3.99% |
4.08% |
-9 |
About Zillow Mortgages
Zillow Mortgages, 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 Mortgages also
provides mortgage calculators, mortgage advice, mortgage widgets,
and lender directories.
Zillow is a registered trademark of Zillow, Inc.
The Zillow logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=10012
CONTACT: Media Contact:
Alison Paoli, Zillow
206-757-2701 or press@zillow.com
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