Rates Rise on Zillow Marketplace to Levels Not Seen Since Mid-January

The 30-year fixed mortgage rate on Zillow Mortgage Marketplace is currently 4.21 percent, up 10 basis points from this time last week. The 30-year fixed mortgage rate steadily rose last week, peaking at 4.27 percent on Monday before dropping slightly to today’s rate.   “Rates rose on Monday to levels not seen since mid-January, as the situation in Ukraine appeared to improve and Friday’s jobs report beat expectations,” said Erin Lantz, director of mortgages at Zillow. “This week, we expect rates to remain fairly steady, unless the economic reports being released in the latter half of the week are strong enough to accelerate the gradual upward momentum we saw following last week’s jobs report.” 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 3.15 percent, while the rate for a 5-1 adjustable-rate mortgage (ARM) is 2.74 percent.