The 30-year fixed mortgage rate on Zillow Mortgage Marketplace is currently at 4.14 percent, up eight basis points from 4.06 percent at this time last week. The 30-year fixed mortgage rate spiked to 4.17 percent on Wednesday and hovered between 4.16 and 4.18 percent for the majority of the week before dropping to the current rate this morning.
“Mortgage rates jumped on Wednesday as lenders reacted to the Federal Open Market Committee’s minutes reminding lenders that the Federal Reserve has delayed, not cancelled, its plans to taper the economic stimulus,” said Dr. Svenja Gudell, director of economic research at Zillow. “Looking ahead, mortgage rates should remain fairly steady during the slow holiday week. The following week should be watched closely, as, several potentially market-moving economic data releases, including the jobs report, come out.”
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 3.13 percent, while the rate for a 5-1 adjustable-rate mortgage (ARM) is 2.72 percent.