30-Year Fixed Mortgage Rate Ticks Upward After Fiscal Cliff Resolution
Mortgage rates for 30-year fixed mortgages rose this week, with the current rate borrowers were quoted on Zillow Mortgage Marketplace at 3.31 percent, up from 3.24 percent at this same time last week.
The 30-year fixed mortgage rate hovered between 3.18 and 3.25 percent for the majority of the week, jumping to the current rate this morning.
“Last week, rates remained fairly flat until Congress approved a plan to avoid fiscal cliff tax hikes, pushing mortgage rates up slightly,” said Erin Lantz, director of Zillow Mortgage Marketplace. “Even though Congress still has to work out a plan on spending cuts, we expect rates will continue to drift upward for the next few weeks as markets refocus on economic data instead of fiscal cliff deliberations.”
*The weekly rate chart illustrates the average 30-year fixed interest rate in six-hour intervals.