Mortgage rates for 30-year fixed mortgages rose this week, with the current rate borrowers were quoted on Zillow Mortgages at 3.85 percent, up from 3.81 percent at this same time last week.
The 30-year fixed mortgage rate hovered around 3.90 percent for most of the week, dropping to 3.77 percent Wednesday before rising to the current rate.
"In the absence of major market-moving news last week, mortgage rates remained below 4 percent for the fourth week in a row," said Erin Lantz, vice president of mortgages at Zillow. "This week, even though the Federal Open Market Committee will release its meeting minutes on Wednesday announcing the end of the Fed's stimulus program, this should come as no surprise to markets, so we expect rate stability to continue."
Additionally, the 15-year fixed mortgage rate this morning was 3.00 percent, and for 5/1 ARMs, the rate was 2.81 percent.
Purchase Mortgage Application Activity
Zillow predicts tomorrow's seasonally adjusted Mortgage Bankers Association Weekly Application Index will show purchase loan activity to decrease by 3 percent from the week prior. To learn more about this Zillow analysis, click here.
What are the interest rates right now? Check Zillow Mortgages 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 in six-hour intervals.
The post 30-Year Fixed Mortgage Rates Rise Slightly, But Remain Below 4% for Fourth Week in a Row appeared first on Zillow Porchlight.