30-Year Fixed Mortgage Rates Rise for Second Consecutive Week
Mortgage rates for 30-year fixed mortgages rose again this week, with the current rate borrowers were quoted on Zillow Mortgage Marketplace at 4.25 percent, up from 4.14 percent at this same time last week.
The 30-year fixed mortgage rate spiked to 4.22 percent on Wednesday and hovered between 4.23 and 4.28 percent for the majority of the week before dropping to the current rate this morning.
“Rates inched higher last week, and this week will bring more movement as a lot of important economic data is set to be released,” said Svenja Gudell, director of economic research at Zillow. “The jobs report will come out on Friday, revealing much anticipated unemployment numbers. While Chairman [Ben] Bernanke said recently that the Fed is committed to keeping short-term rates low for an extended period, and that a 6.5 percent unemployment rate and 2.5 percent inflation rate will not automatically trigger rate hikes, we do expect upward pressure and volatility in mortgage rates.”
What are the interest rates right now? Check Zillow Mortgage Marketplace for mortgage rate trends and up-to-the-minute mortgage rates for your state.
*The weekly mortgage rate chart illustrates the average 30-year fixed interest rate in six-hour intervals.