Zillow Reports 30-Year Mortgage Rate Drop to 6.08% and Refi Rates Ease
Zillow reported that national average 30-year fixed mortgage rates dropped nine basis points last week to 6.37%, with today’s average at 6.08% and the 15-year rate at 5.60%. Refinancing costs eased to 6.26% for 30-year loans, suggesting potential increased marketplace activity if rates near 6%.
1. National Mortgage Rate Decline
Average 30-year fixed rates fell by nine basis points to 6.37% last week, while 15-year rates decreased three basis points to 5.74%, reflecting a broader easing trend in benchmark rates over the past month.
2. Zillow’s Current Rate Averages
Zillow’s latest data show today’s national averages at 6.08% for a 30-year fixed mortgage and 5.60% for a 15-year fixed mortgage, with 30-year refinance rates easing to 6.26% and 15-year refinance rates at 5.68%.
3. Conditions for Further Declines
Analysts highlight that normalization of oil flows and signs of weaker labor demand could gradually drive mortgage rates closer to 6%, potentially boosting refinancing activity and homebuying demand if sustained over coming weeks.