Zillow Rates Data: 30-Year Mortgage Hits 6.40%, 5/1 ARM Soars to 6.52%
Z•Zillow lender marketplace reports national average 30-year fixed mortgage rate climbed 23 basis points from last week to 6.40%, while 15-year fixed rose 11 points to 5.86% and 5/1 ARM surged 43 points to 6.52%. Such rate hikes may dampen homebuying demand and reduce Zillow’s mortgage lead volumes.
1. Weekly Rate Movements
Zillow lender marketplace data shows the national average 30-year fixed mortgage rate rose 23 basis points this week to 6.40%, the 15-year fixed climbed 11 points to 5.86%, and the 5/1 ARM surged 43 points to 6.52%.
2. Implications for Zillow’s Mortgage Business
These rate hikes may curtail refinance and home purchase demand, which could lower Zillow’s mortgage lead volumes and dampen its lender marketplace referral fee revenue as borrowing costs remain elevated.
