SEATTLE – The 30-year fixed mortgage rate spiked late last Wednesday at 4.98% before leveling off just above 4.90% over the weekend, according to Zillow Mortgage Marketplace, whose 30-year fixed currently is at 4.93%.
The 30-year fixed rate is up from 4.80% the same time the previous week, noted Zillow, which said it offers real-time mortgage rates based on thousands of custom mortgage quotes submitted daily to anonymous borrowers through the site and reflect the most recent changes in the market.
The Zillow rate for 15-year fixed home loans currently is 4.26%, while the rate for 5-1 adjustable-rate mortgages (ARM) is 3.53%.
The total volume of mortgage requests at Zillow in the past week was up 7% from the prior week. Of last week's requests, 29% were for refinance loans, 69% were for purchase loans and 2% were for home equity loans. The prior week, 31% of requests were for refinance loans, 67% were for purchase loans and 2% were for home equity loans.
