Zillow's Mortgage Rate Update

Zillow’s Mortgage Rate Update

 

As of July 8, 2020, the rate borrowers were quoted on Zillow for 30-year fixed mortgages was 3.16%.

Mortgage rates continued to tick down this week, remaining at all-time lows.

“Mortgage rates ticked down just slightly this week and remain at all-time lows,” said Zillow Economist Matthew Speakman. “Rates have consistently trended downward for the last two weeks, but the daily movements have been very modest, despite a slew of economic data series that have seen record one-month improvements. The reality is that these monthly gains were largely expected – and likely already “priced-in” – and, despite the improvements, the economic recovery still has a long way to go. What’s more, the recent surge in coronavirus case volumes across the country has called into the question the viability of economic recovery. As a result, investors appear to be hanging tight, waiting for surprising data and/or evidence of our society’s ability to function – or not function – amid rising COVID-19 case volumes before acting in a way that would force mortgage rates to respond.”

“Absent this information, it’s difficult to call where rates are likely to go from here. Positive news could easily jolt rates back upward, making these record-low levels a fond memory, but the gradual reduction of rates could also continue if new developments disappoint. Whichever way they go, mortgage rate movements will be driven by the spread of the virus and our ability to live with it.”

Additionally, the 15-year fixed mortgage rate was 2.75%, and for 5/1 ARMs, the rate was 2.77%.

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Check Zillow for mortgage rate trends and up-to-the-minute mortgage rates for your state, or use the mortgage calculator to calculate monthly payments at the current rates.

The weekly mortgage rate chart above illustrates the average 30-year fixed interest rate for the past week. Here’s a comprehensive look at the current mortgage rates for all loan types:

Today’s Average Rates for Conventional Loans

Program Interest Rate APR 1 Wk Change
30-Year Fixed 3.47% 3.54% 0.07%
20-Year Fixed 3.35% 3.46% 0.22%
15-Year Fixed 2.74% 2.88% 0.09%
10-Year Fixed 2.79% 3.03% 0.03%
7/1 ARM 3.38% 3.25% -0.1%
5/1 ARM 2.9% 3.05% -0.01%
3/1 ARM 4.25% 3.45% 0%

A 30-Year Fixed loan of $300,000 at 3.47% APR with a $75,000 down payment will have a monthly payment of $1,341. A 20-Year Fixed loan of $300,000 at 3.35% APR with a $75,000 down payment will have a monthly payment of $1,716. A 15-Year Fixed loan of $300,000 at 2.74% APR with a $75,000 down payment will have a monthly payment of $2,034. A 10-Year Fixed loan of $300,000 at 2.79% APR with a $75,000 down payment will have a monthly payment of $2,868. A 7/1 ARM loan of $300,000 at 3.38% APR with a $75,000 down payment will have a monthly payment of $1,326. A 5/1 ARM loan of $300,000 at 2.9% APR with a $75,000 down payment will have a monthly payment of $1,249. A 3/1 ARM loan of $300,000 at 4.25% APR with a $75,000 down payment will have a monthly payment of $1,475. All monthly payments displayed assume a maximum Loan to Value (LTV) of 80% and 740 credit score, and do not include amount for taxes and insurance. The actual monthly payment may be greater.

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Today’s Average Rates for Government Loans

Program Interest Rate APR 1 Wk Change
30-Year Fixed FHA 2.25% 3.03% 0.17%
30-Year Fixed VA 2.63% 2.94% 0.13%
15-Year Fixed FHA 2.33% 3.12% 0.48%
15-Year Fixed VA 2.29% 2.87% 0.94%
5/1 ARM FHA 3.21% 3.37% 0%
5/1 ARM VA 4.4% 3.25% -0.25%

A 30-Year Fixed FHA loan of $300,000 at 2.25% APR with a $75,000 down payment will have a monthly payment of $1,146. A 30-Year Fixed VA loan of $300,000 at 2.63% APR with a $75,000 down payment will have a monthly payment of $1,205. A 15-Year Fixed FHA loan of $300,000 at 2.33% APR with a $75,000 down payment will have a monthly payment of $1,975. A 15-Year Fixed VA loan of $300,000 at 2.29% APR with a $75,000 down payment will have a monthly payment of $1,970. A 5/1 ARM FHA loan of $300,000 at 3.21% APR with a $75,000 down payment will have a monthly payment of $1,298. A 5/1 ARM VA loan of $300,000 at 4.4% APR with a $75,000 down payment will have a monthly payment of $1,501. All monthly payments displayed assume a maximum Loan to Value (LTV) of 80% and 740 credit score, and do not include amount for taxes and insurance. The actual monthly payment may be greater.

Today’s Average Rates for Jumbo Loans

Program Interest Rate APR 1 Wk Change
30-Year Fixed Jumbo 3.57% 3.62% 0%
20-Year Fixed Jumbo 3.29% 3.39% 0.36%
15-Year Fixed Jumbo 2.89% 2.98% 0.17%
10-Year Fixed Jumbo 3.41% 3.54% 0.15%
7/1 ARM Jumbo 3.31% 3.26% 0.16%
5/1 ARM Jumbo 2.63% 2.97% 0.03%
3/1 ARM Jumbo 2.88% 2.97% 0%

A 30-Year Fixed Jumbo loan of $600,000 at 3.57% APR with a $150,000 down payment will have a monthly payment of $2,716. A 20-Year Fixed Jumbo loan of $600,000 at 3.29% APR with a $150,000 down payment will have a monthly payment of $3,414. A 15-Year Fixed Jumbo loan of $600,000 at 2.89% APR with a $150,000 down payment will have a monthly payment of $4,110. A 10-Year Fixed Jumbo loan of $600,000 at 3.41% APR with a $150,000 down payment will have a monthly payment of $5,906. A 7/1 ARM Jumbo loan of $600,000 at 3.31% APR with a $150,000 down payment will have a monthly payment of $2,631. A 5/1 ARM Jumbo loan of $600,000 at 2.63% APR with a $150,000 down payment will have a monthly payment of $2,409. A 3/1 ARM Jumbo loan of $600,000 at 2.88% APR with a $150,000 down payment will have a monthly payment of $2,489. All monthly payments displayed assume a maximum Loan to Value (LTV) of 80% and 740 credit score, and do not include amount for taxes and insurance. The actual monthly payment may be greater.

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