The 30-year fixed mortgage rate on Zillow Mortgage Marketplace is currently 4.52 percent, up 21 basis points from 4.31 percent at this time last week. The 30-year fixed mortgage rate steadily rose this week, peaking at 4.58 percent on Monday before dropping near the current rate this morning.
“Mortgage rates hit a two-year high on generally positive domestic economic news and stronger-than-expected European performance,” said Erin Lantz, director of Zillow Mortgage Marketplace. “We expect rates to continue to rise gradually this week, unless Wednesday’s Federal Reserve minutes contradict expectations that the Fed will begin to wind down its stimulus program in September.”
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 3.48 percent, while the rate for a 5-1 adjustable-rate mortgage (ARM) is 3.18 percent.