Mortgage rates haven’t changed much on the Zillow Mortgages ticker in the week ended April 14, 2015, as interest rate activity stabilized one week after a rather weak March 2015 jobs report was released.
30-year fixed-rate mortgages were at 3.58 percent on Tuesday, an increase of three basis points from the prior week’s 3.55 percent reading. Interest rates had climbed gradually throughout the course of the week, but had gone back down to the present rate this Tuesday. 15-year fixed-rate mortgages were also up slightly to 2.87 percent, while 5/1 adjustable-rate mortgages ended the week at 2.83 percent.
“Rates inched up last week as new data suggested the U.S. economy is on increasingly stable ground despite March’s weak jobs report,” said Zillow vice president of mortgages Erin Lantz. “Mortgage markets remain extremely sensitive to the ups and downs of economic news, but overall we expect the trend of gradually rising rates to continue this week.” Zillow bases its real-time mortgage rates on thousands of custom mortgage quotes submitted on the company’s website, and are indicative of the most updated market changes. The Zillow Mortgages report, as the company says, isn’t a weekly survey nor marketing rates.
For Wednesday’s Mortgage Bankers Association Weekly Application Index, Zillow forecasted that the seasonally adjusted purchase index will tick down by 2 percent from the previous week. Zillow bases its weekly MBA Weekly Application Index predictions on loan requests made on the company site last week with that week’s application data from the MBA.
30-year fixed-rate mortgages in major states were a mixed bag on this week’s Zillow Mortgages ticker. In California, rates jumped up by a considerable 13 basis points from 3.56 percent to 3.69 percent, while in Florida, the 30-year FRM rose by four basis points from 3.57 percent to 3.61 percent. In most other states, 30-year FRMs were up by just one or two basis points.
In a few states interest rates have actually improved, including Massachusetts, where rates were down from 3.56 percent to 3.54 percent, a decline of two basis points. 30-year FRMs ticked down by a solitary basis point in Illinois (3.55 percent to 3.54 percent) and Pennsylvania (3.54 percent to 3.53 percent).