Zillow: Mortgages Rates Inch Slowly Closer to Four Percent Mark

The 30-year fixed mortgage rate on Zillow Mortgage Marketplace is currently 3.87 percent, up sixteen basis points from 3.71 percent at this time last week. The 30-year fixed mortgage rate hovered between 3.75 and 3.86 percent for the majority of the week before rising to the current rate this morning. “Rates stayed near 12 month highs, reflecting expectations for a winding down of Fed stimulus,” said Erin Lantz, director of Zillow Mortgage Marketplace. “This week, we expect rates to remain at these levels unless Friday's jobs report delivers unexpected news.” 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 2.97 percent, while the rate for a 5-1 adjustable-rate mortgage (ARM) is 2.48 percent.