Rates for 30-Year Mortgages Rise Once Again
The 30-year fixed mortgage rate on Zillow Mortgage Marketplace is currently 4.41 percent, up twenty-four basis points from 4.17 percent at this time last week. The 30-year fixed mortgage rate hovered between 4.2 and 4.3 percent early last week, spiked to 4.6 percent on Friday and through the weekend, before declining near the current rate early this week. The last time rates exceeded 4.4 percent was July 26, 2011. “Rates surged on Friday after a stronger than expected jobs report and upward revisions to prior months’ unemployment levels,” said Erin Lantz, director of Zillow Mortgage Marketplace. “This week, rate movement will depend on whether Wednesday’s release of the Federal Open Market Committee meeting minutes and Fed Chairman Ben Bernanke’s speech reinforce or depress market expectations of a September start of easing federal stimulus.” 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 3.41 percent, while the rate for a 5-1 adjustable-rate mortgage (ARM) is 3.38 percent.