Zillow, Inc. announced Tuesday that 30-year mortgage rates were down slightly in the recently concluded week, but nonetheless within the same range the real estate portal had reported for most of the summer months.
According to Zillow’s Mortgage Marketplace statistics for 30-year mortgage interest rates, numbers were down from 3.44 percent in the previous week to 3.42 percent last week. Rates had fluctuated within the 3.38 percent and 3.47 percent range within the week, and had safely avoided Zillow’s historical record low of 3.34 percent. Over the past nine weeks, 30-year mortgage rates have ranged from 3.34 percent to 3.50 percent. Mortgage lender Freddie Mac will be releasing its own weekly 30-year mortgage rate figures today; it is also expected that rates will be down a bit after two straight weeks of improvement from historical lows.
Zillow Mortgage Marketplace director Erin Lantz expressed that the lack of significant events and economic updates was the reason for the lack of week-on-week change in mortgage rates. However, she believes that the additional economic information to be revealed this week still may not have much of an impact on the average interest rates for 30-year fixed mortgages. Said Lantz, “Looking ahead, although today will be a busy day in terms of both European and U.S. economic data releases, we don’t expect this data will change investor sentiment. “ Local figures scheduled to be announced this week include those for Business Inventories, Producer Prices and Retail Sales for July.
Zillow also announced the latest real-time rates for 15-year fixed mortgages; compared to 2.79 percent the week before, average rates on these loans went down to 2.76 percent. 5/1 adjustable rate mortgages or ARMs were at 2.40 percent on an average. Zillow takes into consideration a number of custom mortgage quotes received by unnamed borrowers through its Mortgage Marketplace.