30-Year Fixed Mortgage Rate Rises to Highest Point in 10 Weeks
The 30-year fixed mortgage rate hovered between 3.4 and 3.6 percent for the majority of the week, dropping to the current rate this morning.
“Rates hit 3.5 percent for the first time in 10 weeks, as sentiment toward both Europe and the U.S. economy improved, reducing market expectations for a third round of rate-lowering stimulus in the form of Quantitative Easing (QE3),” said Erin Lantz, director of Zillow Mortgage Marketplace.
“This coming week, the events with the most potential to move markets are the release of the Federal Reserve’s August 1st meeting minutes and a series of European leader talks about plans to support Greece. If either event further reduces expectations for QE3, we expect rates to continue their float upward.”