30-Year Fixed Mortgage Rates Spike 14 Basis Points, Largest Rate Hike Since November 2013

09-17

Mortgage rates for 30-year fixed mortgages rose this week, with the current rate borrowers were quoted on Zillow Mortgages at 4.19 percent, up from 4.05 percent at this same time last week.

The 30-year fixed mortgage rate rose steadily last week, peaking at 4.30 percent on Sunday before easing down to the current rate.

“Last week, rates hit a five-month high on anticipation that the Fed’s policy statement might suggest an earlier than expected hike in the federal funds rate,” said Erin Lantz, vice president of mortgages at Zillow. “This week, any significant movement in rates will stem from the Fed’s Wednesday announcement, which could reveal how quickly the federal funds rate will rise after the stimulus program ends.”

Additionally, the 15-year fixed mortgage rate this morning was 3.26 percent, and for 5/1 ARMs, the rate was 3.03 percent.

Purchase Mortgage Application Activity

Zillow predicts tomorrow’s seasonally adjusted Mortgage Bankers Association Weekly Application Index will show purchase loan activity to decrease by 4 percent from the week prior. To learn more about this Zillow analysis, click here.

What are the interest rates right now? Check Zillow Mortgages for mortgage rate trends and up-to-the-minute mortgage rates for your state.

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*The weekly mortgage rate chart illustrates the average 30-year fixed interest rate in six-hour intervals

 

(Source: ZillowBlog)

 

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