Zillow: Rates Creeping Closer to Four Percent Mark

The 30-year fixed mortgage rate on Zillow Mortgage Marketplace is currently 3.93 percent, up six basis points from 3.87 percent at this time last week. The 30-year fixed mortgage rate hovered between 3.85 and 3.94 percent for the majority of the week, dropping down to as low as 3.80 percent on Thursday. Since May 7, the 30-year fixed mortgage rate has risen from 3.39 percent. “Despite a U.S. jobs report that was in line with expectations, mortgage rates rose yet again last Friday and are now at 15-month highs,” said Erin Lantz, director of Zillow Mortgage Marketplace. “This coming week, without any significant negative economic news, we expect the mortgage rate rally to continue.” 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 3.04 percent, while the rate for a 5-1 adjustable-rate mortgage (ARM) is 2.58 percent.