The 30-year fixed mortgage rate on Zillow Mortgage Marketplace is currently 4.18 percent, up four basis points from 4.14 percent at this time last week. The 30-year fixed mortgage rate hovered between 4.17 and 4.21 percent for the majority of the week, spiking to 4.27 percent on Wednesday before dropping back down to 4.18 percent on Thursday.
“Last week, rates rose briefly when comments by Janet Yellen, the new Federal Reserve Chair, ended speculation that the Fed might delay the winding down of its stimulus program due to recent weak economic data,” said Erin Lantz, director of mortgages at Zillow. “During this holiday-shortened week with limited economic data scheduled for release, we expect rates will continue to follow the gradual upward path of the past two weeks.”
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 3.14 percent, while the rate for a 5-1 adjustable-rate mortgage (ARM) is 2.71 percent.