30-Year Fixed Mortgage Rate Rises
Mortgage rates for 30-year fixed mortgages rose this week, with the current rate borrowers were quoted on Zillow Mortgage Marketplace at 3.24 percent, up from 3.17 percent at this same time last week.
The 30-year fixed mortgage rate hovered between 3.17 and 3.23 percent for the majority of the week, rising to the current rate this morning.
“Last week, rates crept up slightly after the Federal Reserve announced changes to their bond-buying program that may result in a raise to the federal funds rate and reduce bond-buying more quickly than anticipated, pushing rates up sooner than previously expected,” said Erin Lantz, director of Zillow Mortgage Marketplace. “Next week, we expect rates will remain near these levels, unless major progress is made in fiscal cliff negotiations in advance of the holidays.”
*The weekly rate chart illustrates the average 30-year fixed interest rate in six-hour intervals.
Given the U.S. public holidays of Christmas on Tuesday, Dec. 25, and New Year’s Day on Tuesday, Jan. 1, Zillow Mortgage Marketplace weekly rates will be published on Wednesday, Dec. 26 and Wednesday, Jan. 2. For more information on mortgage rates, please visit: http://www.zillow.com/mortgage-rates/