The 30-year fixed mortgage rate on Zillow Mortgage Marketplace is currently 4.25 percent, up 11 basis points from 4.14 percent at this time last week. The 30-year fixed mortgage rate spiked to 4.22 percent on Wednesday and hovered between 4.23 and 4.28 percent for the majority of the week before dropping to the current rate this morning.
“Rates inched higher last week, and this week will bring more movement as a lot of important economic data is set to be released,” said Svenja Gudell, director of economic research at Zillow. “The jobs report will come out on Friday, revealing much anticipated unemployment numbers. While Chairman Bernanke said recently that the Fed is committed to keeping short-term rates low for an extended period, and that a 6.5 percent unemployment rate and 2.5 percent inflation rate will not automatically trigger rate hikes, we do expect upward pressure and volatility in mortgage rates.”
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 3.22 percent, while the rate for a 5-1 adjustable-rate mortgage (ARM) is 2.72 percent.