30-Year Fixed Mortgage Rates Surge to Highest Level in 2 Years
Mortgage rates for 30-year fixed mortgages rose this week, with the current rate borrowers were quoted on Zillow Mortgage Marketplace at 4.41 percent, up from 4.17 percent at this same time last week.
The 30-year fixed mortgage rate hovered between 4.2 and 4.3 percent early last week and spiked at 4.6 percent on Friday before declining near the current rate early this week. The last time rates exceeded 4.4 percent was July 26, 2011.
“Rates surged on Friday after a stronger-than-expected jobs report and upward revisions to prior months’ unemployment levels,” said Erin Lantz, director of Zillow Mortgage Marketplace. “This week, rate movement will depend on whether Wednesday’s release of the Federal Open Market Committee meeting minutes and Fed Chairman Ben Bernanke’s speech reinforce or depress market expectations of a September start of easing federal stimulus.”
*The weekly rate chart illustrates the average 30-year fixed interest rate in six-hour intervals.