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30-Year Fixed Rates Begin Slight Rise

NationalMortgageProfessional.com
May 07, 2013

The 30-year fixed mortgage rate on Zillow Mortgage Marketplace is currently 3.39 percent, up fourteen basis points from 3.25 percent at this same time last week. This represents the first rate increase since late March. The 30-year fixed mortgage rate hovered between 3.26 and 3.30 percent for the majority of the week before jumping up to the current rate on Friday. “Last week, mortgage rates reversed their month-long decline on a stronger than expected jobs report,” said Erin Lantz, director of Zillow Mortgage Marketplace. “This coming week, we expect rates to remain fairly stable with limited news or economic data slated for release.” Zillow’s real-time mortgage rates are based on thousands of custom mortgage quotes submitted daily to anonymous borrowers on the Zillow Mortgage Marketplace site, and reflect the most recent changes in the market. These are not marketing rates, or a weekly survey. The rate for a 15-year fixed home loan is currently 2.56 percent, while the rate for a 5-1 adjustable-rate mortgage (ARM) is 2.32 percent.
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