The 30-year fixed mortgage rate fell early in the week, then spiked to 4.02 percent on Tuesday before settling to the current rate.
“Last week, rates dipped after Friday’s weaker-than-expected jobs report,” said Erin Lantz, vice president of mortgages at Zillow. “This week, with limited economic data scheduled for release and the bond market closed for Veterans Day, we expect rate movement to remain fairly muted.”
Purchase Mortgage Application Activity
Zillow predicts tomorrow’s seasonally adjusted Mortgage Bankers Association Weekly Application Index will show purchase loan activity to decrease by 3 percent from the week prior. To learn more about this Zillow analysis, click here.