Fixed-Rates Take Significant Weekly Jump

The 30-year fixed mortgage rate on Zillow Mortgage Marketplace is currently 3.71 percent, up thirteen basis points from 3.58 percent at this time last week. The 30-year fixed mortgage rate hovered between 3.65 and 3.68 percent for the majority of the week before rising to the current rate this morning. “Rates spiked last week after meeting minutes revealed the Fed was contemplating scaling back economic stimulus plans much earlier than expected,” said Erin Lantz, director of Zillow Mortgage Marketplace. “Now at 12-month highs, we expect rates to remain stable in the near-term, but new direction from the Fed and employment figures could boost rates significantly.” 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 2.87 percent, while the rate for a 5-1 adjustable-rate mortgage (ARM) is 2.37 percent.