[1]The current 30-year fixed mortgage rate on Zillow mortgages has taken a slight dip down to 3.76 percent after reaching a 13-week high of 3.85 percent on Tuesday.
"Rates increased last week as fears of a Greek exit from the Eurozone eased," said Erin Lantz, vice president of mortgages at Zillow. "This week, markets will focus on Fed Chair Janet Yellen's Congressional testimony and whether Greece's new fiscal pact proves durable. Rates could be volatile, but net out flat for the week."
Zillow bases its rates on thousands of mortgage quotes that are submitted daily by anonymous borrowers on the Zillow website. These rates are produced in real time and reflect the most recent changes in the market, making them unlike marketing rates or weekly surveys.
The rate for a 15-year fixed home loan is currently 2.96 percent, while the rate for a 5-1 adjustable-rate mortgage (ARM) is 3.05 percent.
Meanwhile, Zillow predicted no change in purchase loan activity for the week based on applications it received for Zillow Mortgage the previous week combined with the reading of the Purchase Loan Index in the Mortgage Bankers Association's Weekly Survey for that week. In the newest MBA survey for the week ending February 20, released on Wednesday, the Purchase Loan Index increased by 5 percent from a week earlier, seasonally adjusted; the unadjusted index declined by 2 percent from the previous week and 2 percent from the previous year.
Click here [2] for the current rates for 30-year fixed mortgages by state.