Data from Zillow Mortgages shows that 30-year fixed mortgage rate remains mostly flat after a rather stagnant week.
According to a report from GlobeNewswire, mortgage rate for 30-year fixed loan is currently at 3.46 percent, down by one basis point from the rate a week before. Meanwhile, 15-year fixed loan recorded a 2.68 percent rate, while 5-1 adjustable-rate mortgage is at 2.79 percent. The date is based on custom mortgage quotes submitted on the Zillow Mortgages sites.
Erin Lantz, vice president of mortgages at Zillow, said, "All eyes this week will be on Friday's monthly jobs report. Forecasters are expecting a moderately strong report and disappointing data could push rates lower."
The data also reveals that Pennsylvania has seen 30-year fixed mortgage rate declined by nine basis points from 3.53 percent a week before to 3.44 percent by Tuesday. New Jersey's rate dropped by six basis points to 3.45 percent from last week's 3.51 percent. The rate in California remained at 3.45 percent while New York's rate saw one basis point increase to 3.54 percent.
Data from Freddie Mac also showed the same downward trend in mortgage rates, which is attributed to the ongoing financial markets woes, Memphis Business Journal reported. For the week ending Feb. 25, the 30-year fixed mortgage recorded a rate of 3.62 percent, down from three basis points from the previous week's 3.65 percent.
"Yields on the 10-year Treasury continued their downward trend this week after a small rally the previous two weeks," said Freddie Mac's chief economist, Sean Becketti. "The 30-year mortgage responded, falling three basis points to 3.62 percent. Since the beginning of 2016, 30-year rates have fallen almost 40 basis points helping housing markets sustain their momentum into this year."
The publication noted that the 30-year fixed rate was as low as 3.59 percent in 2015 and this year's rate is edging to that level.
