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Zillow: Mortgage Rates Hit Seven-Month High

NationalMortgageProfessional.com
May 12, 2015

The 30-year fixed-rate mortgage (FRM) on Zillow Mortgages is currently 3.82 percent, up nine basis points from this time last week. The 30-year FRM fell Friday, then hovered around 3.69 percent before rising to the current rate on Monday.

“Rates surged over the past week due to strong European data,” said Erin Lantz, vice president of mortgages at Zillow. “Looking ahead, we expect mortgage rates to continue to their gradual march upward.”  

Zillow’s real-time mortgage rates are based on thousands of custom mortgage quotes submitted daily to anonymous borrowers on the Zillow Mortgages 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 2.98 percent, while the rate for a 5-1 adjustable-rate mortgage (ARM) is 2.78 percent.  

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