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Gazett-Mail Real Estate - Articles

Friday March 14, 2014

30-Year Fixed Mortgage Rates Jump 10 Basis Points

Mortgage rates for 30-year fixed mortgages rose this week, with the current rate borrowers were quoted on Zillow Mortgage Marketplace at 4.21 percent, up from 4.11 percent at this same time last week.

The 30-year fixed mortgage rate steadily rose last week, peaking at 4.27 percent on Monday before dropping slightly to today’s rate.

“Rates rose on Monday to levels not seen since mid-January, as the situation in Ukraine appeared to improve and Friday’s jobs report beat expectations,” said Erin Lantz, director of mortgages at Zillow. “This week, we expect rates to remain fairly steady, unless the economic reports being released in the latter half of the week are strong enough to accelerate the gradual upward momentum we saw following last week’s jobs report.”

Additionally, the 15-year fixed mortgage rate this morning was 3.15 percent and for 5/1 ARMs, the rate was 2.74 percent.

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