Zillow: Rates Rise Slightly to 4.30 Percent
The 30-year fixed mortgage rate on Zillow Mortgage Marketplace is currently 4.30 percent, up four basis points from 4.26 percent at this time last week. The 30-year fixed mortgage rate hovered around 4.26 percent early last week and spiked to 4.35 percent on Friday before leveling off at 4.30 percent during the weekend. “Rates rose slightly last week on economic reports that indicate an encouraging outlook for the U.S. economy,” said Erin Lantz, director of mortgages at Zillow. “This week, we expect any material market movement will wait until the Federal Open Market Committee announcement on Wednesday which will reveal the Federal Reserve’s timeline for scaling back its stimulus program.” 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 3.27 percent, while the rate for a 5-1 adjustable-rate mortgage (ARM) is 2.79 percent.