Zillow: Rates Hit Two-Month High
The 30-year fixed mortgage rate on Zillow Mortgage Marketplace is currently 4.22 percent, the highest rate reported since late September and a 17 basis point jump from 4.05 percent at this time last week. The 30-year fixed mortgage rate hovered around 4.07 percent early last week, before spiking on Friday. “Rates shot up after a surprisingly strong employment report on Friday came on the heels of a stronger than expected GDP report on Thursday,” said Stan Humphries, chief economist at Zillow. “Looking ahead, any good economic news will serve to challenge the prevailing view that the Fed won’t start tapering until March, and the more likely early tapering becomes, the higher rates should be expected to climb.” 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 3.18 percent, while the rate for a 5-1 adjustable-rate mortgage (ARM) is 2.79 percent.