Mortgage rates did not show much activity during the week, as the 30-year fixed mortgage rate (FRM) is currently 4.08% – up five basis points from the same time the week before, according to Zillow's lending marketplace, Zillow Mortgages.
The 30-year FRM hovered around 4.10% for the majority of the week, peaking at 4.17% on Thursday, Aug. 7, and then easing back down.
‘Mortgage rates were subdued last week as ongoing geopolitical concerns and economic softness in Europe encouraged investors to buy U.S. mortgage-backed securities as a safe-haven,’ comments Erin Lantz, vice president of mortgages at Zillow. ‘This week, we expect international headlines, rather than U.S. economic data, to drive any meaningful changes to mortgage rates.’
The rate for a 15-year fixed home loan is currently 3.12%, while the rate for a 5-1 adjustable-rate mortgage is 2.77%, Zillow says.
State by state, Massachusetts showed the biggest increase in basis points from the week prior: The fixed rate was 4.00% and is now 4.14%. California's FRM jumped four basis points, from 4.04% to 4.08%. Illinois was the only state with a decrease – 4.07% to 4.06% – according to the company's statistics.
Zillow says its 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.