Zillow: Fixed-Rates Hit 4.09 Percent

The 30-year fixed mortgage rate on Zillow Mortgage Marketplace is currently 4.14 percent, up five basis points from 4.09 percent at this time last week. The 30-year fixed mortgage rate rose early last week before leveling off near 4.13 percent on Friday. “Rates were essentially unchanged last week despite a weaker than expected jobs report,” said Erin Lantz, director of mortgages at Zillow. “Although this week marks Janet Yellen’s first Congressional testimony as the new Federal Reserve Chair, we expect rates will remain fairly flat.” 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 2.80 percent.