Rates Hit 4.38 Percent on Zillow Marketplace

The 30-year fixed-rate mortgage (FRM) on the Zillow Mortgage Marketplace is currently 4.38 percent, up eight basis points from 4.30 percent at this time two weeks ago. The 30-year fixed mortgage rate steadily rose during the past two weeks, peaking at 4.43 percent last Wednesday before dropping to the current rate this morning. “Rates were essentially unchanged last week after gradually climbing back up during the past few weeks to approach the three-month high we saw in September,” said Erin Lantz, director of mortgages at Zillow. “This week, we expect rates to remain at this higher plateau until normal market activity returns after the New Year’s holiday.” 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 3.34 percent, while the rate for a 5-1 adjustable-rate mortgage (ARM) is 2.93 percent.