Zillow Mortgage Rates Rise: 30-Year Fixed Hits 6.37%, 5/1 ARM at 6.54%
Z•Zillow’s lender marketplace showed the average 30-year fixed rate rose 9 basis points to 6.37%, the 15-year fixed rate climbed 3 basis points to 5.78% and the 5/1 ARM surged 19 basis points to 6.54% on June 3. Refinance 30-year fixed jumped to 6.34% and 5/1 ARM refinances climbed to 6.36%.
1. Daily Mortgage Rate Movements
On June 3, Zillow’s lender marketplace recorded increases across key loan products. The average 30-year fixed purchase rate rose 9 basis points to 6.37%, the 15-year fixed rate climbed 3 basis points to 5.78% and the 5/1 ARM surged 19 basis points to 6.54%. On the refinance side, the 30-year fixed rate jumped to 6.34% while 5/1 ARM refinances climbed to 6.36%.
2. Implications for Zillow’s Marketplace
Higher mortgage rates typically dampen purchase and refinance demand, which could weigh on Zillow’s referral and lead-generation revenue in its lender platform. If mortgage applications slow, Zillow may see reduced engagement with its calculator tools and lender partnerships, potentially impacting its Q2 marketplace segment performance.
