Six-Month Low Rates Begin Slight Rise

The 30-year fixed mortgage rate on the Zillow Mortgage Marketplace is currently 4.10 percent, up two basis points from this time last week. The 30-year fixed mortgage rate hovered around 4.05 percent for the majority of the week before rising to the current rate on Monday. “Rates continued on a downward path last week, reaching six-month lows before rebounding slightly on Friday,” said Erin Lantz, vice president of mortgages at Zillow. “This week, we expect rates to rise gradually and correct for what some market observers believe has been an overreaction to recent economic data and the situation in Ukraine.” 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 3.10 percent, while the rate for a 5-1 adjustable-rate mortgage (ARM) is 2.77 percent.