(Source: The Wall Street Journal, By Tess Stynes)
Real-estate website Zillow Inc. (Z) said its real-time rate on 30-year fixed-rate mortgages fell to the lowest level in six weeks. The 30-year fixed-mortgage rate on Zillow's Mortgage Marketplace, which tracks mortgages on the company's website, decreased to 4.14% from 4.2% a week earlier.
In the latest week rates fell "as investors shifted out of stocks and into safer assets, like U.S. Treasuries and mortgage-backed-securities," said Erin Lantz, director of mortgages at Zillow. "This week, there is a full slate of economic reports scheduled for release, with the potential to nudge rates up."Zillow said the rate for a 15-year fixed home loan was 3.15%, compared with 3.17% last week. The rate for a 5-1 adjustable-rate mortgage was 2.8%, compared with 2.86%. A 5-1 ARM has an initial rate that applies for the first five years of the loan and then adjusts annually. Zillow's real-time mortgage rates are based on thousands of custom mortgage quotes submitted daily to anonymous borrowers through the company's website.
Source link: http://online.wsj.com/article/BT-CO-20140415-708736.html
