8% of Zillow Users Dual-Shop, Mortgage Rates Tick Up to 6.16%
Zillow analysis shows 8% of for-sale shoppers also browse rentals, with owning costing $415 more monthly than renting and peaks of 12% dual shopping in Los Angeles, 10.8% in San Diego and 10.1% in San Francisco. Zillow reports the average 30-year fixed mortgage rate at 6.16%, up one basis point.
1. Dual Shopping Trends
Zillow data shows 8% of for-sale shoppers also browse rental listings, with the highest dual-shopping rates in Los Angeles (12%), San Diego (10.8%) and San Francisco (10.1%). On average, owning the homes these shoppers consider costs $415 more per month than renting after a 20% down payment, with the gap reaching $3,438 in San Jose, while rentals average 284 square feet smaller but deliver higher value per square foot.
2. Mortgage Rate Update
Zillow reports the national average 30-year fixed mortgage rate at 6.16% and the 15-year fixed rate at 5.65%, each up one basis point as bond market movements remain sideways. Adjustable-rate products stand at 6.46% for a 5/1 ARM and 6.37% for a 7/1 ARM, with refinance rates slightly higher across comparable terms.