30-Year Fixed Mortgage Rate Rises After Falling to All-Time Low Last Week
Mortgage rates for 30-year fixed mortgages rose this week, with the current rate borrowers were quoted on Zillow Mortgage Marketplace at 3.82 percent, up from 3.69 percent at this same time last week.
The 30-year fixed mortgage rate hovered between 3.7 and 3.8 percent for the majority of the week, rising to the current rate early this morning.
“The 30-year fixed mortgage rate rose above 3.8 percent last week as more lenders increased their prices to cover a government-mandated fee on Fannie Mae and Freddie Mac loans,” said Erin Lantz, director of Zillow Mortgage Marketplace. “The new fee was voted on by Congress late last year to pay for the extension of a payroll tax deduction and federal unemployment benefits. Though the fee does not take effect until April 1, 2012, lenders already are incorporating it into their rates to cover for future closings.”