Zillow Mortgage Rates Climb to 6.08% for 30-Year Fixed Loan
Zillow's lender marketplace reported the national average 30-year fixed mortgage rate climbed to 6.08%, with 15-year fixed at 5.62%, 5/1 ARM at 6.05% and 30-year refinance reaching 6.24%. Mixed economic data and rising oil prices pushed bond yields higher, driving mortgage rates back above 6% this weekend.
1. Mortgage Rate Update
Zillow's lender marketplace reported the national average 30-year fixed mortgage rate rose to 6.08%, the 15-year fixed to 5.62%, 5/1 ARM at 6.05% and 7/1 ARM at 6.03%.
2. Refinance Rate Rise
Refinance rates climbed as well, with the 30-year fixed refi rate at 6.24%, 15-year fixed at 5.79%, and ARMs at 6.02%, narrowing the margin between purchase and refi costs.
3. Drivers of Rate Increase
Mixed US economic indicators alongside rising oil prices have pushed Treasury yields upward, translating into higher mortgage borrowing costs.
4. Potential Market Impact
Elevated rates above 6% may cool purchase and refinance activity on Zillow's platform, potentially reducing lender marketplace volume and fee revenue in coming quarters.