Mortgage rates up on Zillow Mortgage Marketplace

Mortgage rates have been zooming up across the country this week. Today, 30-year fixed rates quoted on Zillow Mortgage Marketplace were at 6.30% as of 10:00 a.m. Pacific time. These current rates reflect a large spike since last week, when 30-year fixed rates bottomed out at 5.77% on Oct. 6th. The past couple of days, though, have been fairly steady. After rates fell early last week, they have risen steadily since, first rising above 6.00% last Thursday. Yesterday they rose to 6.45%, but are down a little bit this morning.

Here’s the chart of weekly rates, as of 10 a.m. this morning:

Those changes make quite a bit of difference. Our mortgage calculator shows that if you had gotten a 30-year fixed mortgage for a $300,000 house with 20% down on Oct. 6, when rates were at 5.77%, you’d be paying about $1,403 a month, in principal and interest. But if you got your mortgage yesterday, you’d be out $100 extra each month, and over the life of the loan, you’d pay about $38,000 more.

Rates are expected to top 7.00% within the next six months, and then slide back down after that, according to experts in a recent CNNMoney story. If you are buying a house now or need to refinance in the near future, it may be a good time to get custom mortgage quotes from a network of thousands of lenders on Zillow Mortgage Marketplace.