Zillow mortgage rates hit 6.31% for 30-year, refinance at 6.29%
ZG•Zillow’s lender marketplace saw its 30-year fixed mortgage rate jump nine basis points to 6.31%, while 20-year and 15-year rates rose to 6.22% (+13bps) and 5.71% (+6bps), respectively. Refinancing costs climbed, with 30-year refinance rates at 6.29% and 20-year at 6.37%, potentially weighing on loan volumes.
1. Mortgage Rates Rise on Zillow Marketplace
Zillow’s lender marketplace recorded a one-day increase of nine basis points for the 30-year fixed mortgage, lifting the rate to 6.31%. The 20-year fixed rate climbed 13 basis points to 6.22% and the 15-year fixed rate rose six basis points to 5.71%, marking a 29-basis-point gain year-to-date on the shorter-term products.
2. Refinancing Costs Increase on Zillow Platform
Average refinance rates through Zillow edged higher, with the 30-year fixed refinance rate at 6.29%, the 20-year at 6.37% and the 15-year at 5.70%. These elevated refinance levels could deter homeowners from locking in new rates, possibly reducing refinance application volume and associated fees.
