SEATTLE, Oct. 13, 2015 (GLOBE NEWSWIRE) -- The 30-year fixed mortgage rate on Zillow® Mortgages is currently 3.65 percent, up 5 basis points from this time last week. The 30-year fixed mortgage rate rose steadily throughout the week before settling at the current rate.
"Mortgage increased slightly last week but remained lower than they have been since early May," said Erin Lantz, vice president of mortgages at Zillow. "We don't expect rates to move dramatically in this holiday-shortened week, although markets will keep an eye on inflation data coming out on Thursday."
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 2.84 percent, while the rate for a 5-1 adjustable-rate mortgage (ARM) is 2.69 percent.
Purchase Mortgage Application Activity
Zillow predicts tomorrow's seasonally adjusted Mortgage Bankers Association Weekly Application Index will show purchase loan activity increased by 8 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.
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=28924
CONTACT: Media Contact:
Catharine Neilson, Zillow
206-757-2701 or press@zillow.com
