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Tag Archives: Zillow

Fed’s Stimulus Decision Prompts Record-Low Mortgage Rates

Fed

Mortgage rates slid to new lows this week as investors dumped their cash into safe-haven Treasury debt, prompted by the Fed's decision to keep interest rates low for an unfixed time. Zillow found the 30-year fixed-rate mortgage slipping past 3.2 percent for the first time to arrive at 3.18 percent, down from 3.35 percent on Wednesday last week. The real estate website said this marks the lowest rate for the 30-year home loan since 2008, when it launched its weekly survey. Interest rates for 15-year fixed-rate mortgages dropped to 2.59 percent, while those for 5-year and 1-year adjustable-rate mortgages averaged 2.43 percent.

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Should Officials Do Away With Mortgage Interest Deduction?

Talking heads call the mortgage interest-rate deduction a sacrosanct giveaway for the tax code, a loophole as sacred for Americans as, say, Social Security or Medicare - and just as electric to politicians. But a new survey out from Zillow suggests that may not be the case anymore. According to Zillow - which notably conducted the survey with economists and real-estate experts instead of your average homeowners - 10 percent believe the mortgage interest-rate deduction should be thrown out as soon as possible, while 50 percent believe it ought to be phased out over time.

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Zillow Records Slight Decline for Home Prices in August

Lately, the expectation has been for home prices to continue rising, but a recent report from Zillow put a damper this view. Home prices dropped in August month-over-month after rising for nine consecutive months. However, the drop was mere a 0.1 percent. At an average of $152,100, prices were still up on a yearly basis, showing an increase of 1.7 percent. The larger markets to see monthly price decreases were Chicago (-0.7 percent), New York (-0.3 percent) and Boston (-0.2 percent) metros.

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Mortgage Rates Slip as Markets React to Fed’s Stimulus

Fed

Financial markets reacted to the Federal Reserve's announced stimulus last week, with investors dumping their money in more safe-haven Treasury debt, lowering mortgage rates accordingly. According to real estate website Zillow, which releases weekly surveys on the subject, the 30-year fixed-rate mortgage fell from 3.38 percent to 3.34 percent last week. Rates for the 15-year home loan slid to 2.71 percent, while those for 5-year and 1-year adjustable-rate mortgages inched down to 2.45 percent.

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Mortgage Applications Soar as Interest Rates Fall

Mortgage applications shot up 11.1 percent from the week before, according to the Mortgage Bankers Association. The trade group found that mortgage loan volume fell by 12 percent on a seasonally unadjusted basis from the week before. According to their indices, refinance volume and purchases went up 12 percent and 8 percent, respectively. Purchases fell more than 15 percent on an unadjusted basis, although it stayed 7 percent higher than figures seen at the same time last year.

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Fixed-Rate Mortgages Climb Higher This Week: Zillow

Interest rates for home loans climbed higher this week, just as the European Central Bank intervened to shore up the struggling economy overseas with more euro bonds and a weak jobs report quieted investors abroad. Real estate website Zillow reported that the 30-year fixed-rate mortgage ticked up to 3.38 percent, up two basis points from 3.36 last week. The benchmark home loan had fallen and hovered somewhere between 3.36 percent and 3.41 percent over the weekend. Interest rates for the 15-year fixed-rate mortgage went up to 2.75 percent.

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Mortgage Rates Hold Steady Near Record Lows

Mortgage rates held steady above record lows this week, as the debt crisis in Europe threatened to upend an increasingly more favorable economic climate. Zillow reported that the 30-year fixed-rate mortgage hovered old lows at 3.36 percent, only after dipping from 3.39 percent last week. Interest rates for 15-year home loans currently average 2.73 percent, while those for 5-year and 1-year adjustable-rate mortgages stay near 2.35 percent. The debt crisis in Europe continues to feed uncertainty for investors interested in stability.

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Mortgage Rates Plummet Back to Historic Lows

Just when you thought they were on a rebound, mortgage rates once again fell precipitously this week, with the 30-year fixed-rate home loan slamming into 3.39 percent. Zillow reported the latest numbers on Tuesday. The real estate website found the 30-year fixed-rate mortgage slipping from 3.5 percent to 3.4 percent earlier this week. Interest rates for the 15-year home loan averaged 2.76 percent, while those for 5-year and 1-year adjustable-rate mortgages hovered at 2.38 percent.

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Home Values Gain as Market Cools Heels in July

Zillow released on Tuesday its Real Estate Market Reports for July, revealing that the company├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós Home Value Index hit $151,600 for the month, a 0.5 percent gain from June and a 1.2 percent increase year-over-year. Of the metro areas covered in the reports, 62 percent saw home values climb during July, with only 49 of the 167 areas posting declines. Of the 30 largest areas covered, the Phoenix metro experienced the largest monthly increase (2.2 percent), followed by San Francisco (1.2 percent) and Denver (1.0 percent).

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No News, Good News? Mortgage Rates Slip as Economy Dithers

The 30-year fixed-rate mortgage slipped to 3.42 percent this week as market watchers waited for news about the economy. Zillow found the benchmark home loan falling from 3.44 percent last week, only after peaking at 3.47 percent on Wednesday. Interest rates for the 15-year fixed-rate mortgage averaged 2.76 percent, while those for 5-year and 1-year adjustable-rate mortgages hovered around 2.4 percent. Mortgage rates zigzagged across much of the rest of the country, falling 12 basis points in New York but rising by three basis points in Illinois.

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