Zillow Mortgage Rates: 30-Year Falls to 6.20%, 15-Year to 5.67%
Zillow's average 30-year mortgage purchase rate dipped to 6.20% today, down 2 basis points, with 15-year fixed at 5.67%. Refinance rates also eased slightly: 30-year refi at 6.35% and 15-year at 5.75%, potentially boosting home purchase activity and mortgage-lending referrals.
1. Purchase Rate Decline
Zillow’s average 30-year fixed purchase rate decreased by 2 basis points to 6.20%, marking a drop of over 25 basis points from late March, while the 15-year fixed rate eased 5 basis points to 5.67%. This modest pullback in long-term rates may encourage prospective buyers to initiate home searches and listings.
2. Refinance Rates and Referral Business
The 30-year refinance average fell to 6.35%, with the 15-year refinance rate at 5.75% and ARMs marginally lower, which could spur additional refinance inquiries. Increased mortgage activity stands to bolster Zillow’s referral fee revenue, partially offsetting any softness in its core real estate marketplace operations.