Mortgage Rate Update

Mortgage rates for 30-year fixed mortgages rose this week, with the current rate borrowers were quoted on Zillow Mortgages at 3.83 percent, up 17 basis points from last week.

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

“Mortgage rates moved decisively higher last week as the commentary of several Federal Open Market Committee members and an exceptionally strong jobs report solidified expectations for a December Fed rate hike,” said Erin Lantz, vice president of mortgages at Zillow. “Markets will look for further signals about the strength of the economy in inflation and consumer confidence data in this holiday-shortened week.”

Additionally, the 15-year fixed mortgage rate was 2.98 percent, and for 5/1 ARMs, the rate was 2.99 percent.

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

 

(Source: Chicago Agent Magazine)