Reported Consolidated Results ZILLOW GROUP, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in millions, unaudited) | | | September 30, | | December 31, | | --- | --- | --- | --- | --- | | | | 2025 | | 2024 | | Assets | | | | | | Current assets: | | | | | | Cash and cash equivalents | $ | 874 | $ | 1,082 | | Short-term investments | | 515 | | 776 | | Accounts receivable, net | | 157 | | 104 | | Mortgage loans held for sale | | 291 | | 159 | | Prepaid expenses and other current assets | | 277 | | 210 | | Restric ...

Core Insights - An increasing number of individuals are utilizing financing options through Zillow for home purchases [1] - A growing number of property managers are leveraging Zillow for rental listings [1] Group 1 - More people are buying homes using financing through Zillow [1] - More property managers are using the website for rental listings [1]

Core Insights - Mortgage rates are experiencing fluctuations, with the 30-year fixed mortgage rate increasing to 6.21% and the 15-year fixed rate decreasing to 5.40% [1][16] - The Federal Reserve's recent actions, including rate cuts, are influencing mortgage rates, but significant drops are not expected until at least the end of 2025 [13][17] Mortgage Rates Overview - Current mortgage rates include: - 30-year fixed: 6.21% - 20-year fixed: 5.81% - 15-year fixed: 5.40% - 5/1 ARM: 6.37% - 7/1 ARM: 6.29% - 30-year VA: 5.61% - 15-year VA: 5.08% [5] Refinance Rates - Refinance rates are generally higher than purchase rates, with the current 30-year fixed refinance rate at 6.35% [16] Economic Impact - Economists predict that mortgage rates will remain relatively stable through 2025, despite potential rate cuts from the Federal Reserve [17][18] - The CME FedWatch tool indicates a high probability of further rate cuts in the near future, which may influence mortgage rates [14]

Core Insights - Mortgage rates are currently mixed, with the average 30-year fixed mortgage rate at 6.09%, down four basis points, while the 15-year fixed rate increased by seven basis points to 5.44% [1][18][19] - The current rates are the lowest seen in over a year, suggesting it may be an opportune time for potential homebuyers [1] Current Mortgage Rates - The national average for various mortgage types includes: - 30-year fixed: 6.09% - 15-year fixed: 5.44% - 5/1 ARM: 6.22% [5][18] - These rates are rounded to the nearest hundredth and represent national averages [2][18] Refinance Rates - Mortgage refinance rates are generally higher than purchase rates, although this is not always the case [3] - Current refinance rates are also based on national averages rounded to the nearest hundredth [3] Monthly Payment Calculations - For a $300,000 mortgage at a 30-year term with a 6.09% rate, the monthly payment would be approximately $1,816, with total interest paid over the loan's life amounting to $353,777 [9] - For the same mortgage amount at a 15-year term with a 5.44% rate, the monthly payment would increase to $2,442, with total interest paid being $139,508 [11] Adjustable-Rate Mortgages (ARMs) - ARMs typically start with lower rates than fixed-rate mortgages but can increase after the initial fixed period [12][13] - The 5/1 ARM has a fixed rate for the first five years, after which it adjusts annually [12] Strategies for Lower Rates - To secure lower mortgage rates, borrowers should aim for higher down payments, excellent credit scores, and low debt-to-income ratios [15] - Options such as buying down the interest rate through discount points at closing can also be considered [16]

Core Insights - Zillow's September 2025 housing market report indicates an unexpected surge in real estate activity during a typically slow season, driven by a dip in mortgage rates and a strong stock market [1][4] - New listings increased by 3% year over year in September, reversing a 3% decline from the previous month, while monthly listings dipped by only 2%, outperforming the historical average of a 9% decline [1][2] Inventory and Market Dynamics - Total inventory decreased by 1% from August to September but is 14% higher than the same period last year [2] - The balance of power is shifting, with 15 of the 50 largest metropolitan areas now classified as buyer's markets, up from six last year [2] Buyer and Seller Markets - Zillow's heat index identifies the top buyer-friendly metropolitan areas, while seller-leaning markets remain competitive due to limited housing supply and restrictive land-use regulations [3] - The best seller's markets include major cities such as Miami, New Orleans, Austin, and San Francisco [6] Economic Indicators - The average 30-year fixed mortgage rate has dropped to approximately 6.19%, the lowest point of 2025, contributing to improved affordability [4] - Existing-home sales reached a seven-month high in September, indicating a potential thaw in the housing market rather than overheating [4][5] Future Outlook - Zillow's economists anticipate that the "unseasonably active" fall will extend into the holiday season, fueled by easing borrowing costs and pent-up demand [5] - This period may represent the first significant opportunity for buyers in nearly three years [5]

LOGIN SUBSCRIBE | FastCo Works advertisement BYÂ Lance Lambert Listen to this ArticleMore info 0:00 / 0:00 While Zillow's national home price forecast is no longer negative—it isn't exactly bullish either. Among the 300 largest U.S. metro area housing markets, Zillow expects the biggest home price increase between September 2025 and September 2026 to occur in these 15 metros: Â Â Premium Tech Design News Leadership Work Life Games Podcasts Video INNOVATION FESTIVAL Want more housing market stories from Lanc ...

Core Insights - Mortgage rates have decreased, with the average 30-year fixed rate now at 6.10% and the 15-year fixed rate at 5.42% [1][15] Mortgage Rates Overview - Current national average mortgage rates include: - 30-year fixed: 6.10% - 20-year fixed: 5.56% - 15-year fixed: 5.42% - 5/1 ARM: 6.28% - 7/1 ARM: 6.44% - 30-year VA: 5.53% - 15-year VA: 5.20% - 5/1 VA: 5.64% [4] Refinance Rates - Today's mortgage refinance rates are generally higher than purchase rates, but specific current rates were not detailed [3] Market Trends - Mortgage rates are expected to remain stable in the near term, with the Federal Reserve anticipated to lower short-term interest rates, although mortgage rates may not follow suit [17] - There has been a general downward trend in mortgage rates since the government shutdown, with current rates slightly lower than a year ago [18] Mortgage Types and Characteristics - 30-year fixed mortgages offer lower and predictable monthly payments but come with higher interest costs over the loan's life [7][9] - 15-year fixed mortgages have higher monthly payments but lower interest rates, allowing borrowers to save significantly on interest over time [10][11] - Adjustable-rate mortgages (ARMs) provide lower initial rates but carry the risk of future rate increases, making long-term budgeting more challenging [12][13]

Core Insights - Mortgage rates are currently decreasing, with the 30-year fixed mortgage rate at 6.15% and the 15-year fixed rate at 5.48% [1] - The 30-year rate has dropped by more than a quarter point in just three weeks, indicating a potential opportunity for locking in rates [1] Current Mortgage Rates - The current national average mortgage rates include: - 30-year fixed: 6.15% - 20-year fixed: 5.75% - 15-year fixed: 5.48% - 5/1 ARM: 6.30% - 7/1 ARM: 6.35% [5] Refinance Rates - Current refinance rates are generally higher than purchase rates, with the 30-year fixed refinance rate at 6.24% [16] Comparison of Mortgage Types - A $400,000 mortgage with a 30-year term at 6.15% results in a monthly payment of approximately $2,437, leading to $477,289 in interest over the term [8] - A 15-year mortgage at 5.48% for the same amount results in a monthly payment of about $3,264, with total interest paid being $187,536 [8] Adjustable vs. Fixed-Rate Mortgages - Fixed-rate mortgages lock in the interest rate from the start, while adjustable-rate mortgages (ARMs) have a fixed rate for an initial period before adjusting based on market conditions [10][11] - ARMs may start with lower rates but carry the risk of increases after the initial period [12] Future Rate Expectations - Economists do not anticipate significant drops in mortgage rates before the end of 2025, despite recent Federal Reserve rate cuts [13][17] - The Federal Reserve is expected to implement additional rate cuts, which may influence mortgage rates slightly lower in 2026 [14][18]

I'm an avid Zillow-er.Window shopping more or less, but constantly checking out houses all over the world at different price points.The prices on some of these homes are getting delusional.Seems like for the average person it'll be very hard to escape the rental hamster wheel unless something changes. ...

Core Viewpoint - Morgan Stanley believes that AI currently acts more as a "distribution layer" rather than a replacement for classified information platforms, altering the starting point of user searches while core transactions and data remain under the control of these platforms [2][4]. Group 1: Current Landscape - The integration of AI, particularly ChatGPT, is reshaping how users discover information, posing potential challenges to traffic-dependent internet platforms [4]. - In the short term, the involvement of AI may even reinforce the positions of industry leaders, as established platforms maintain their brand and data advantages [9][11]. - The collaboration between platforms like Zillow and ChatGPT enhances user experience through conversational search, allowing platforms to avoid the costs and risks associated with developing large language models [10]. Group 2: User Interaction and Data Dependency - Users are shifting their initial interactions to AI conversational interfaces, but the underlying transaction facilitation and data support still rely on existing platforms [6][7]. - ChatGPT's application tends to interact directly with established brands rather than aggregating information from multiple sources, thereby solidifying the "moat" of leading companies in vertical markets [11]. Group 3: Long-term Risks - Despite optimistic short-term prospects, there are warnings about long-term risks, particularly if users begin to conduct their entire search journey within ChatGPT, which could diminish the brand exposure of specialized websites [13]. - Two potential risks are highlighted: first, if a dominant AI assistant like ChatGPT controls search result visibility and commercialization policies, it could shift industry dominance from content platforms to interactive interfaces [14]. - Second, if AI starts to erode direct access traffic to platforms, it could significantly weaken brand loyalty, as approximately 50% of leading classified platforms' traffic comes from direct access [14]. Group 4: Future Scenarios - The most extreme disruptive scenario is the emergence of an "All Knowing Assistant," where AI acts as a full agent for users, potentially bypassing existing platforms entirely [15].