Mortgage Rate Update

Mortgage rates for 30-year fixed mortgages rose this week, with the current rate borrowers were quoted on Zillow Mortgages at 3.65 percent, up 5 basis points from last week.

The 30-year fixed mortgage rate rose steadily throughout the week before settling at the current rate.

“Mortgage rates increased slightly last week but remained lower than they have been since early May,” said Erin Lantz, vice president of mortgages at Zillow. “We don’t expect rates to move dramatically in this holiday-shortened week; although markets will keep an eye on inflation data coming out on Thursday.”

Additionally, the 15-year fixed mortgage rate was 2.84 percent, and for 5/1 ARMs, the rate was 2.69 percent.