30-Year Mortgage Rate Falls to 6.35%, 15-Year at 5.78%, 5/1 ARM 6.30%
ZG•Zillow's lender marketplace reports 30-year fixed mortgage rates fell 1 bp to 6.35%, 15-year fixed rates dropped 7 bp to 5.78% and 5/1 ARM rates declined 6 bp to 6.30%. These rate declines could spur refinancing and purchase originations, potentially lifting Zillow’s mortgage marketplace revenue.
1. June 13 Mortgage Rate Movements
On June 13, US average 30-year fixed mortgage rates fell by 1 basis point to 6.35%, 15-year fixed rates decreased by 7 basis points to 5.78%, and 5/1 ARM rates dropped 6 basis points to 6.30%. National averages for 20-year fixed, 7/1 ARM and VA products also edged lower.
2. Implications for Zillow’s Mortgage Marketplace
These modest rate cuts could encourage homeowners to refinance existing loans and new buyers to lock in mortgages, potentially boosting loan originations through Zillow’s lender marketplace and lifting related revenue in the upcoming quarter.
