Mortgage Rate Update

Mortgage rates for 30-year fixed mortgages rose this week, with the current rate borrowers were quoted on Zillow Mortgages at 3.95 percent, up 7 basis points from the same time last week.

The 30-year fixed mortgage rate rose late in the week, then hovered around 3.98 percent before dipping to the current rate.

“Mortgage rates increased late last week as fears of a Greek euro exit and a Chinese stock market collapse eased,” said Erin Lantz, vice president of mortgages at Zillow. “We expect less volatility this week with markets focusing more on domestic news, especially Fed Chair Janet Yellen’s Congressional testimony.”

Additionally, the 15-year fixed mortgage rate was 3.04 percent, and for 5/1 ARMs, the rate was 2.91 percent.

 

(Source: ZillowBlog)