Zillow Lender Rates: 30-Year Mortgage Jumps to 6.36%, 5/1 ARM to 6.46%
Z•Zillow’s lender marketplace reports the average 30-year fixed-purchase mortgage rate climbed 12 basis points to 6.36%, while 15-year fixed rose 15 bp to 5.87% and 5/1 ARMs increased to 6.46%. Rising national mortgage rates may dampen Zillow’s lending volume and reduce fee-based revenue from refinance transactions.
1. Daily Rate Movements
Zillow’s lender marketplace reported that average 30-year fixed-purchase mortgage rates rose by 12 basis points to 6.36% on June 19, while 15-year fixed rates increased 15 bp to 5.87% and 5/1 ARM rates climbed 15 bp to 6.46%.
2. Current Rate Averages
National purchase mortgage averages stand at 6.36% for 30-year fixed, 6.28% for 20-year fixed, 5.87% for 15-year fixed, 6.46% for 5/1 ARMs and 6.38% for 7/1 ARMs, with refinance rates at 6.31%, 6.07%, 5.77%, 6.25% and 6.44% respectively.
3. Business Implications for Zillow
Sustained rate increases could suppress refinance demand on Zillow’s platform and weigh on fee-based mortgage revenue, while elevated borrowing costs may slow purchase mortgage originations in its lender marketplace.
