GDP Report Pushes Mortgage Rates Up Slightly

The 30-year fixed mortgage rate on Zillow Mortgage Marketplace is currently 4.28 percent, up four basis points from 4.24 percent at this time last week. After sharply peaking at 4.42 percent on Thursday, the rate hovered between 4.26 and 4.29 percent during the remainder of the week before dropping slightly to the current rate this morning. “Mortgages rates initially rose last Thursday after a stronger than expected GDP report. However, Friday’s relatively soft jobs report erased the prior day’s gains, leaving rates essentially unchanged for the week,” said Erin Lantz, director of Zillow Mortgage Marketplace. “There are few economic reports scheduled this week, so we expect rates to remain fairly stable unless any of the Federal Reserve officials scheduled to share public remarks suggest an acceleration or delay of the Federal Reserve’s stimulus program wind down.” 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. The rate for a 15-year fixed home loan is currently 3.29 percent, while the rate for a 5-1 adjustable-rate mortgage (ARM) is 3.15 percent.