Thirty-Year Fixed Mortgage Rate Falls To 4.75%
The weekly average rate borrowers were quoted on Zillow Mortgage Marketplace for 30-year fixed mortgages decreased decreased nine basis points last week to 4.75 percent, down from 4.84 percent the week prior. Meanwhile, rates for 15-year fixed mortgages fell four basis points to 4.25 percent from 4.29 percent, and 5-1 adjustable rate mortgages fell three basis points to 3.68 percent, from 3.71 percent the week prior.
The volume of mortgage requests last week rose 29.1 percent from the prior week. Of last week’s requests, 47 percent were for refinance loans, 51 percent were for purchase loans and 2 percent were for home equity loans. The prior week, 41 percent of requests were for refinance loans, 56 percent were for purchase loans and 3 percent were for home equity loans.