Thirty-Year Mortgage Rate Falls in Latest Week -- Zillow
By Tess Stynes
Real-estate website Zillow Inc. ( Z ) said its real-time rate on 30-year fixed-rate mortgages fell in the latest week, dropping below 4%.
The 30-year fixed-mortgage rate on Zillow'sMortgage Marketplace, which tracks mortgages on the company's website, decreased to 3.97% from 4.05% a week earlier.
Erin Lantz, vice president of mortgages at Zillow, pointed to the uncertainty and turmoil following the Malaysia Airlines Flight 17 disaster and continuing military activity in the Middle East.
"This week, despite a fair amount of domestic economic data slated for release, we expect events in the Middle East and Ukraine will continue to put a damper on rates," she added.
Zillow said the rate for a 15-year fixed home loan was 3.01%, compared with 3.03% the previous week. The rate for a 5- 1 adjustable-rate mortgage was 2.77%, compared with 2.79%. 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.
Write to Tess Stynes at email@example.com
(END) Dow Jones Newswires 07-22-141426ET Copyright (c) 2014 Dow Jones & Company, Inc.